Reliance Industries won the market capitalisation (m-cap) race against TCS as it became the first listed Indian company to hit Rs 8 100000 crore in market valuation.
On Thursday, the stocks of the company were trading at 1.27 per cent higher at Rs 1,262.30. This helped the company reach the market capitalisation of Rs 8,00,001.54 crore.
With this, the market valuation of the enormous in oil-to-telecom sector stood abundant higher than the market valuation of TCS that was recorded to be Rs 7,77,870 crore m-cap.
The company operated by Mukesh Ambani reached the $100 billion mark for market capitalisation. This mark was achieved by the company only once in the year 2007.
At the company’s forty first annual general meeting on July fifth, Chairman Mukesh Ambani aforementioned that RIL aimed to more than double its current size by 2025, as its customer-centric business expands to match the standard revenue stream.
Shares of Reliance Industries have climbed sixty per cent in the last one year against sixty three per cent rise in TCS stock during the same period.
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The RIL’s stock has contributed a lot to Nifty‘s 18 per cent rise during the period.
Brokerage edelweiss Securities expects the non-regulated segments such as refining, chemicals and shale to contribute 90 per cent of the company’s incremental EBITDA over the next few years.
“We believe refining margins in Asia will rise due to a paradigm shift in regional refining dynamics, which will favour a posh refiner like Reliance Industries,” the brokerage aforementioned in a recent note.
RIL is presently at the end of its capex phase, investing in world-scale projects like petcoke gasification, off-gas crackers and telecoms, which will drive future growth, it added.
Source: Reliance Industries Hits Rs 8 Lakh Crore Market Valuation
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