Mumbai: Reliance Industries’ scheduled new smartphone launch on September 10 in collaboration with Google as announced during the annual general meeting seems to be the trigger for the stock's sharp rise in the last two sessions and its market capitalisation soaring above Rs 15 lakh crore.
Being index heavy- weight, RIL is also pushing the market to new all-time highs with the Sensex closing at 58296.91 up 166.96 points and Nifty-50 at 17378.
Reliance is not lonely at the top, with TCS’ market capitalisation only Rs 1.13 lakh crore lower. But it’s confusing what is driving the conglomerate’s market capitalisation as it combines so many businesses—oil & gas, telecom, retail and new ventures like solar energy and hydrogen where things are at the planning stage.
As the economy is looking up and the lockdown effect has started ebbing, investors are seeing more upside in such conglomerates.
Last quarter RIL's retail and telecom businesses got impacted while the performance of oil & gas business improved.
On Monday RIL rose to a new high though BSE Telecom and BSE Oil & Gas indices fell. RIL shares closed at Rs 2424.55, up 1.52 per cent.
