Reliance Industries Limited on Wednesday became the first Indian company to hit the Rs 19 lakh crore market valuation mark following a rally in its share price.
The market heavyweight stock jumped 1.85 per cent to its record high of Rs 2,827.10 on the BSE.
Following the gain in the share price, the company’s market valuation jumped to Rs 19,12,814 crore in morning trade on the BSE.
In March this year, the company’s market valuation had gone past Rs 18 lakh crore.
Last year on October 13, the company’s market valuation went past Rs 17 lakh crore mark.
Meanwhile, billionaire Mukesh Ambani’s Reliance Industries Ltd has signed a formal shareholder agreement for the USD 2 billion TA’ZIZ chemical joint venture in the UAE and inked a pact to collaborate with ADNOC in finding and producing conventional and unconventional resources.
So far this year, the stock has rallied over 19 per cent.
According to Santosh Meena, Head of Research, Swastika Investmart Ltd, Reliance industries is firing on all cylinders because its petchem business is doing extremely well on the back of a surge in Oil and Gas prices where Singapore gross refining margin (GRM) is at an all-time high.
”Its telecom business is unaffected by geopolitical tension and inflation whereas it is exploring synergies in its retail business. It is continuously expanding its path in the renewable energy business, which is opening more opportunities for the company,” Meena said.