RIL has become the first Indian company to touch a market capitalisation (m-cap) of Rs 10 lakh crore as its shares jumped to touch a record high of Rs 1,581 per piece.
It was lingering around the Rs 10 lakh crore m-cap for several days before finally reaching the milestone today.
Reliance Industries shares again rose 0.70 per cent in early trade to finally surpass Rs 10 lakh crore m-cap.
The company’s shares have outperformed expectations since the beginning of this year, surging nearly 40 per cent, which even helped in the gradual growth of Indian equity markets.
RIL’s run in the stock market improved after he announced plans to cut the company’s net debt to zero in the next 18 months through an assortment of measures including stake sale in its oil and chemical business to Saudi Aramco.
Edelweiss Securities said Reliance Industries is likely to achieve its zero net debt target as it is likely to receive Rs 1.1 trillion from Saudi Aramco and BP in FY21.
RIL rise to the top comes a few days after it became the world’s sixth-largest oil company, surpassing BP Plc.
A BofA-ML report last month also indicated that RIL can become the first Indian company to achieve a market capitalisation of $200 billion, based on its recent commerce and telecom ventures.
A month ago, Reliance Industries became the first Indian company to cross a market capitalisation of Rs 9 lakh crore.