Mukesh Ambani-led Reliance Industries has become the first domestic company to top Rs 11 trillion in market capitalisation (market-cap). Shares of the oil-to-telecom behemoth soared 6.2 per cent –most in two months—on Friday as investors cheered the company’s announcement that it had become net-debt free.
At a closing price of Rs 1,760, RIL is valued at Rs 11.15 trillion. If one adds the value of partly paid shares of Rs 67,500 crore, the company’s market-cap adds up to almost Rs 11.83 trillion. In dollar terms, RIL’s market-cap translates into $155 billon, making it the 54th largest company globally.
Shares of RIL have more than doubled from this year’s low of Rs 868 in March underpinned by a stream of investments in its arm Jio Platforms. Also, the successful conclusion of Rs 53,124-crore rights issue—India’s biggest ever—has further buoyed sentiment towards the stock.
RIL first hit Rs 1 trillion in market-cap in August 2005. It took the company 12 years to reach Rs 5 trillion in market-cap in July 2017. Since then, the stock has seen a huge surge on the back of a successful foray into the telecom space.
Currently, RIL is by-far the most valued firm followed by Tata Consultancy Services (TCS), which is valued at Rs 7.7 trillion. Also, RIL’s share in India’s total market-cap is at a record level. Currently, the company accounts for nearly 9 per cent of the country’s total market-cap of Rs 138 trillion. Three years ago, its share in the total market-cap was less than 4 per cent.