RIL becomes first Indian company to hit Rs. 9 lakh crore m-cap
Mukesh Ambani-led Oil-to-telecom major Reliance Industries (RIL) has become the first company in India to hit the market capitalisation (m-cap) of Rs.9 lakh crore. RIL was also the first company to reach Rs.8 lakh crore mark in August 2018. IT giant Tata Consultancy Services (TCS) was at a distant second with a m-cap of Rs.7.66 lakh crore. It was the also second company to reach Rs.8 lakh crore mark.
On 18 October 2019, the market-cap of Reliance Industries (RIL) stood at Rs.9.03 lakh crore when the stock traded at Rs.1,428, up 2% on the BSE SENSEX, ahead of its September quarter earnings. This rise in share price helped the company reach the news milestone.
In 2007, RIL was the first Indian company to hit $100 billion mark in market-cap. RIL also became first domestic firm to cross Rs.8 lakh crore mark in terms of market valuation in August 2018. In calendar 2019, the stock has climbed 28% so far.
RIL now aims to double the revenue of energy-to-telecom behemoth, riding on retail and telecom segments by 2025.
What is market capitalisation (m-cap)? It is calculated by multiplying total number of company’s outstanding shares by the current market price of one share. The market-cap figure of listed companies changes daily with stock price movement.
Category: Economy & Banking Current Affairs