RIL first Indian firm to breach ₹8 lakh crore mcap mark

NEW DELHI: Reliance Industries (RIL) on Thursday became the first Indian company to cross the ₹8 lakh crore market capitalisation mark while its stock hit a fresh 52-week high.

The stock closed 1.86% higher at ₹1,269.70 on the BSE. During the trading session, the scrip touched a 52-week high of ₹1,273.55 The surge in the counter has pegged the firm’s market valuation at ₹8,04,691.40 crore at the end of Thursday’s session.

According to market experts, the stock has been on an uptrend after the company announced aggressive business plans at its annual general meeting (AGM) last month, including the launch of its fibre-to-the-home service, Gigafiber.

On July 13, RIL’S market valuation had briefly surged past the ₹7 lakh crore mark, making it the second company after IT bellwether Tata Consultancy Services (TCS) to achieve this milestone. On July 12, it crossed the $100-billion market capitalisation mark for the first time in the last 10 years. Again on July 20, Reliance Industries’ market capitalisation surged past ₹7 lakh crore mark. TCS’ market valuation had in May surged past ₹7 lakhcrore.

Meanwhile, the 30-share Sensex scaled an all-time (intraday) high of 38,487.63 in early trade. However, it succumbed to profit booking to slip to 38,227.36, before finally ending at 38,336.76 points, up 51.01 points, or 0.13%.