RIL surges to record closing high, crosses $100 bn market-cap
Reliance Industries on Thursday crossed the $100billion market capitalisation mark in morning trade for the first time in the last 10 years following surge in its share price.
Shares of RIL surged 4.42% to its all-time closing high of ₹1,082.20 on BSE. Intra-day, it soared 6% to ₹1,098.80.
In the morning trade, the market capitalisation (m-cap) of the company touched ₹6,88,513.11 crore ($100.3 billion). The market valuation of the company has been calculated on the basis of morning exchange rate of ₹68.58 against the dollar. However, at close of the trade, the company’s m-cap slipped below the ₹100-billion mark.
Helped by the surge in the stock, RIL’s market valuation zoomed ₹29,234.09 crore to close at ₹6,85,725.09 crore ($99.9 bilion).
Reliance Industries had earlier breached this mark in intraday trade on October 18, 2007. The US dollar was quoted at ₹39.59 at that time. At NSE, shares of the company gained 4% to end at ₹1,080.90. The stock was the biggest gainer among the blue chips on both the key indices.
In terms of equity volume, 13.71 lakh shares of the company were traded on BSE and over 2 crore shares changed hands at NSE during the day. Rise in the stock was also instrumental in sending the benchmark Sensex higher by 282.48 points or 0.78% to close at 36,548.41.
“Reliance Industries rose 4-5% and hit its all time high, touching market capitalisation of $100 billion,” said Manoj Sachdeva, research head, Hem Securities.
So far this year, shares of the company have surged 17.5%. IT bellwether Tata Consultancy Services (TCS) in April this year became the first Indian company to close the trading session with over $100 billion market valuation.
The market valuation of Reliance Industries Ltd had crossed the ₹6 lakh crore mark in November last year. The company announced aggressive business plan at its annual general meeting (AGM) held last week. The stock has been on an uptrend ever since and has gained over 12% since July 5.
NEW DELHI: