Reliance Industries Achieves Milestone Market Cap of Rs 21 Lakh Crore
Reliance Industries, owned by Mukesh Ambani, made history on Friday by becoming the first Indian company to surpass a market capitalization of Rs 21 lakh crore in trade. The company’s stock experienced a substantial surge of 2.31 percent, closing at Rs 3,131.85 per share on the Bombay Stock Exchange (BSE).
During intraday trading, the stock reached a record high of Rs 3,161.45, representing a 3.27 percent increase. Among the 30 companies listed on the BSE Sensex, Reliance Industries emerged as the top performer.
On the National Stock Exchange (NSE), the stock saw a 2.19 percent rise, settling at Rs 3,128.25 per share. This remarkable performance led to an increase in the company’s market valuation by Rs 47,777.57 crore, reaching Rs 21,18,951.20 crore.
Reliance Industries continues to hold its position as the most valuable company in India, as reported by PTI. The BSE recorded a trading volume of 10.33 lakh shares of the company, while the NSE saw a higher volume of 144.77 lakh shares exchanged during the session.
Since the beginning of the year, Reliance Industries’ shares have shown a strong performance, boasting a 21.16 percent gain on the BSE. Global brokerage firms like Morgan Stanley and Jefferies project an upside potential of up to 15% in the company’s stock, anticipating a bright future ahead.
Morgan Stanley and Jefferies both see Jio’s tariff hikes as a positive step towards enhancing investment returns and securing a strong position in the market. They have set target prices for RIL at Rs 3,046 and Rs 3,580, respectively.
The recent tariff hike by Jio has been welcomed by industry experts, with firms like JM Financial, Kotak Institutional Equities, and Antique Broking viewing it as a positive move for the sector. They predict further re-rating within the industry and anticipate other telecom operators to follow suit with tariff hikes soon.
