19 Oct 2019
Oil-to-telecom major Reliance Industries (RIL) on Friday became the first company in India to hit the market capitalisation of Rs 9 lakh crore. RIL was also the first company to reach Rs 8 lakh crore mark in August last year.
The market-cap of Mukesh Ambani-led company stood at Rs 9.03 crore when the stock traded at Rs 1,428, up 2 per cent at 10.45 hours (IST) on Friday ahead of its September quarter earnings due later in the day. This rise in share price helped the company reach the milestone.
IT giant TCS, which has seen some selling lately, was at a distant second with a market-cap of Rs 7.66 lakh crore. It was the second company to reach the Rs 8 lakh crore mark.
Since RIL and TCS reached Rs 8 lakh crore milestone, there has been a constant tussle between the two to usurp the numero uno position, and RIL seems to be winning as of now.
Brokerages expect RIL’s consolidated profit after tax to grow 6-12 per cent on a year-on-year (YoY) basis in September quarter. Telecom arm Jio and the retail business are also set to deliver steady growth.
RIL was also the first company to hit the $100 billion mark in market-cap last July. Last year, Mukesh Ambani told RIL AGM about his aim to double the revenue of the energy-to-telecom behemoth, riding on retail and telecom segments by 2025.
In calendar 2019, the stock has climbed 28 per cent so far.