Business news : Reliance becomes the first Indian company to achieve market cap of Rs 20 lakh crore

Shares of Mukesh Ambani-led Reliance Industries (RIL) today became the first listed Indian company to cross the market capitalization target of Rs 20 lakh crore. The company’s stock rose as much as 1.89% to hit a 52-week high of Rs 2957.80 on the BSE on Tuesday. The market value of the stock has increased by Rs 1 lakh crore in the last two weeks alone. On January 29, it had touched the level of Rs 19 lakh crore. So far this calendar year, the price of India’s most valuable stock has risen nearly 14%.

Due to the recent increase in the market cap of Reliance, the net worth of its chief Mukesh Ambani has increased by $ 12.5 billion to $ 109 billion in 2024 alone. According to the Bloomberg Billionaires Index, he is the richest Indian and has reached number 11 in the list of the world’s richest.

Mumbai-based Reliance Group operates in the oil-to-telecom sector and has a distinct presence in the market. RIL achieved a market capitalization of Rs 1 lakh crore in August 2005 and it reached Rs 10 lakh crore in November 2019. Now with a market capitalization of Rs 20 lakh crore, RIL has become the most valuable corporate company in India, surpassing TCS (Rs 15 lakh crore), HDFC Bank (Rs 10.5 lakh crore), ICICI Bank (Rs 7 lakh crore), and Far ahead of other companies like Infosys (Rs 7 lakh crore).

RIL’s financial results for the December quarter were in line with market expectations. The company’s O2C EBITDA declined 14% quarter-on-quarter to Rs 140.6 billion due to maintenance activities. However, Jio’s EBITDA rose 1.4% quarter-on-quarter to Rs 142.6 billion, and Retail’s EBITDA rose 8% quarter-on-quarter to Rs 62.7 billion.