Mumbai: Riding on a 3 per cent surge in its stock price, Reliance Industries (RIL) on Tuesday became the first company in India to hit a market capitalisation of Rs 9.5 lakh crore.
The RIL stock jumped 3.3 per cent to Rs 1,508.45, surpassing its previous high of Rs 1,490 touched last month, on October 31, in intra-day trade.
The scrip has climbed 34 per cent year-to-date, outperforming the Sensex, which grew 12 per cent during the period.
RIL had become the first firm to cross the market-cap of Rs 9 lakh crore on October 18. So far in calendar year 2019, its m-cap has surged by Rs 2.3 lakh crore.
Global brokerage Morg-an Stanley, while maintaining its overweight call on RIL, announced its bull case target price at Rs 2,000--a potential upside of 37 per cent from current levels—on hope of higher refinery margins, potential telecom tariff hike, bottoming price-earnings cycle, start of gas production, lower capex and ongoing deleveraging.
JP Morgan sees limited telecom tariff hikes by RIL until Jio hits around 50 crore subscribers—which is at least one year away.
