RIL becomes first to hit Rs 10 lakh crore market cap

Mumbai: Business tycoon Mukesh Ambani-led Reliance Industries on Thursday became the first Indian company to hit the Rs 10 lakh crore market capitalisation mark, driven by a sharp spike in its share price.

At market close, the oil-to-telecom conglomerate's market valuation surged to Rs 10,01,555.42 crore on the BSE.

The RIL stock closed at Rs 1,579.95, up 0.65 per cent after gaining 0.90 per cent intra-day to touch an all-time high of Rs 1,584.

So far this year, the Reliance Ind stock has gained nearly 41 per cent, outperforming Sensex that rose 14 per cent in 2019.

TCS is the country's second most valued firm with a market valuation of Rs 7,79,501.64 crore, followed by HDFC Bank with a market cap of Rs 6,92,853.48 crore, Hindustan Unilever (Rs 4,51,482.38 crore) and HDFC (Rs 3,98,994.81 crore).

According to analysts, the stock is gaining on the back of the windfall making on the past investments in consumer-facing sectors like telecom and retail. “These investments have yielded fruitful results for the company and has been consistently increasing their share in the overall profits,” according to Ajit Mishra, VP Research, Religare Broking.

For the past few sessions, the company's market valuation has been hovering near the Rs 10-lakh crore mark.

The company is still ahead of British energy major BP Plc in terms of market valuation. BP Plc's m-cap was at $127.86 billion at close of trade on the NYSE.