Reliance Industries Market Cap crosses Rs 14 Lakh Crore mark

Reliance Industries’ market valuation crossed Rs 14 lakh crore-mark on Friday as its stock rallied over 4 per…
Reliance Industries Market Cap crosses Rs 14 Lakh Crore mark
Reliance Industries’ market valuation crossed Rs 14 lakh crore-mark on Friday as its stock rallied over 4 per cent to scale its fresh peak.

Reliance Industries stock price rose as much as 4.3 per cent intraday to hit a new all-time high of Rs 2149.70 on the BSE.

In the last six trading sessions, Reliance Industries shares have gained 17 per cent. Meanwhile, a media report said Amazon was in talks for a potential investment in the conglomerate’s retail arm – Reliance Retail.

The company’s partly paid-up shares listed separately have a market capitalisation of Rs 53,821 crore. The combined market capitalisation of Reliance Industries now stands at Rs 14,07,854.41 crore.

The stock of the country’s most valued firm jumped 4.32 per cent to a record high of Rs 2,149.70 on the BSE.

This took its market valuation to Rs 13,54,033.41 crore in the late morning trade on the BSE.

On the NSE, shares of the oil-to-telecom conglomerate rose by 4.47 per cent to an all-time high of Rs 2,149.90.

Shares of Reliance Industries had on Thursday also jumped nearly 3 per cent amid reports that Amazon was eyeing a stake in the conglomerate’s retail arm.

Reliance Industries Chairman and Managing Director Mukesh Ambani overtook Steve Ballmer to become the fifth-wealthiest person on the planet, with a net worth of $77.4 billion. The jump in ranking is just the latest milestone for Mr Ambani, 63, whose fortune has surged by $18.8 billion since the beginning of the year.

The Reliance Industries Ltd. chairman has jumped nine places on the Bloomberg Billionaires Index since January as shares of his conglomerate have risen 135 per cent from a low in March, buoyed by recent investments from firms including Facebook Inc., Silver Lake and BP Plc.

Mr Ambani cracked the group of the 10 richest people just last month. Two weeks ago, he surpassed Warren Buffett, now ranked No. 7.

As of 11:46 am, Reliance Industries shares were trading 3.98 per cent higher at Rs 2,143, outperforming the Nifty which was down 0.6 per cent.

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