Reliance is the first Indian company to cross a record market cap of Rs 10 lakh crore

(Commerce Rep) Mumbai, Ta. November 28, 2019, Thursday

Reliance Industries Limited today became the first Indian company to cross the market capitalization of Rs 10 lakh crore. The company's market capitalization has risen to Rs 10,01,555.42 crore, with the company's share price rising Rs.1020 today to a new record high of Rs.1579.95.

The company's stock price has risen 41% so far this year, with the market capitalization of the company rising from Rs 9 lakh crore to Rs 1 lakh crore in the last 25 days. In the 284 trading days, it increased from Rs 8 lakh crore to Rs 9 lakh crore.

Mukesh D. Ambani, chairman and managing director of oil-to-telecom giant Reliance Industries, has increased its net worth today to more than $ 60.7 billion. Mukesh Ambani, who holds more than half the stake in Reliance, is the richest man in Asia.

There are several factors behind crossing the market capitalization of Rs 10 lakh crore. One of which was recently announced by Reliance Industries, the telecom unit Reliance Jio announced a hike in its tariff soon.

Earlier, Reliance Industries announced the establishment of a holding company for its digital services business, including telecom, to pave the way for a strategic investor. Along with this, Reliance Industries will bring more than Rs 1 lakh crore capital into the new company in the form of optionally convertible preference shares.

Following this equity, Reliance Jio, whose liabilities of Rs 1 lakh crore will be transferred to the parent's subsidiary, will thus be free of debt-debt by the end of March 31, 2020, excluding its related obligations. Reliance Industries is likely to get Rs 1.1 lakh crore from Aramco and BP in FY 2021.

In a report last month by Bank of America Merrill Lynch, Reliance Industries was predicted to be the first company to achieve $ 200 billion market capitalization through its new commerce venture and fixed broadband business.

This momentum of Reliance Industries accelerates the role of the company, including expected growth in gross refining margin of the company, strong financing of its consumer business, launching a home broadband business, increasing telecom tariffs, lower capital costs, strong growth projections and returns to shareholders. Is supposed to be.