Reliance Industries (RIL) on Friday hit another milestone as the market capitalisation (m-cap) of the company breached the Rs 9 trillion mark, the first by any Indian company to acheive the feat. The shares of Reliance Industries Limited (RIL) touched a 52-week high of Rs 1,428, rising more than 2 percent ahead of their September quarter numbers to be announced late on October 18. The rally in shares came ahead of the Q2 results scheduled to be reported on Friday.
Reliance Industries shares jumped by more than 2% to hit the day’s high at Rs 1,428. RIL market capitalisation has swollen to Rs 9.03 lakh crore, making it India’s most valuable firm by market capitalisation. IT giant TCS comes at a distant second with its market capitalisation at Rs 7.67 lakh crore.
Mukesh Ambani-led Reliance Industries (RIL) will declare its results for the September quarter on Friday and the pundits expect a good report card. RIL had reported net profit at Rs 9,516 crore for the same period last year.
In its recent report, Bank of America Merrill Lynch (BofA-ML) said RIL can in the next 24 months become the first Indian company to achieve a market capitalisation of $200 billion.
That would come on the back of its new commerce venture and fixed broadband business, BofAML said. The brokerage said the key drivers necessary for Reliance to breach $200 billion m-cap in 24 months are new commerce initiative of empowering Kiranas in unorganised retail market by offering MPoS (mobile point-of-sale), entry into SME enterprise space with Microsoft, Jio's fiber broadband business and digital initiatives like advertising.