The market capitalization of Mukesh Ambani-led Reliance Industries Limited today crossed the Rs 11.5 lakh crore mark. This is the first ever Indian company to achieve this target. Today, the company’s share price rose 2.55 per cent to 1833.10 points on the BSE. The company’s stock rose 2.55 per cent to an all-time high of 1833.50 on the NSE.
This increased the market capitalization of the company by Rs 26150.05 crore to Rs 1159318.60 crore in morning trade. This is the best performance of the company’s shares in the last 52 weeks. Mukesh Ambani led Reliance Industries Limited (RIL) share price surged 2.5 per cent to a record high of 1833.10 on Monday. Multiple series of investments resulted in the company’s market capitalization crossing the Rs 11.5 lakh crore mark. Almost 12 have 25.09 per cent stake in Reliance Jio.
Significantly, this is the first time that Mukesh Ambani’s market cap has crossed the Rs 11.5 lakh crore mark after US multinational company Intel announced an investment of Rs 1894.50 crore in Reliance Industries’ Jio Platforms. This is the 12th investment by foreign companies in Reliance Jio in about three months. Before Intel, Facebook, Silver Lake Partners, Vista, General Atlantic, KKR, Mubadala, Silver Lake, ADIA, TPG, L Catterton, PIF have invested in Jio. Jio is now expected to cross the 12 lakh crores market capitalization mark after few months.
The amount collected got used by the company to expand its digital services and reduce debt. On June 19 2020, the company announced to become entirely debt-free before the target. On the same day, the company’s market capitalization had crossed the 11 lakh crore mark. Tata Consultancy Services (TCS) and Reliance Industries were the biggest gainers in this week in the fluctuating market hit by a coronavirus. Last week, the 30-share BSE Sensex gained 850.15 points or 2.41 per cent. TCS’s market capitalization rose by Rs 31,294.89 crore to Rs 8,25,149.40 crore in the week under review.