NEW DELHI: Reliance Industries Ltd (RIL) on Wednesday became the first listed company in India to touch the Rs 19 lakh crore market capitalization mark. This comes after its shares hit a new high of Rs 2,827.10 on the BSE in Wednesday’s intra-day trade even as benchmark indexes were trading in red.
As per the BSE data, RIL m-cap stood at `19.02 lakh crore minutes after the market opened. However, as the day progressed, the stock saw minor correction from its intra-day high and closed at Rs 2,777.90 with a market cap of Rs 18,80 lakh crore.
After trading in the range of Rs 2,200-2,300 in early March, RIL stock has seen increased buying in the past few weeks. In the last 7 days alone, RIL shares have risen nearly 10% from a level of Rs 2,550 on April 18, 2022.The surge came even as it faced a major setback when it had to call off its major acquisition of Future Group. However, the conglomerate’s other businesses continued to remain in the fast lane.
On Tuesday, RIL stock had gained over 3%. “RIL is firing on all cylinders because its petchem business is doing well on the back of a surge in oil and gas prices where Singapore's gross refining margin is at an all-time high. Its telecom biz is unaffected by geopolitical tension and inflation whereas it is exploring synergies in its retail biz. It is expanding its path in the renewable energy biz that opening more opportunities for the company,” said Santosh Meena, Head of Research, Swastika Investment.