Mukesh Ambani’s conglomerate, Reliance Industries (RIL), has achieved a significant milestone by becoming the first listed Indian company to reach a market capitalization of Rs 20 lakh crore. This achievement places RIL at the 49th position among the world’s top 50 companies by market capitalization, surpassing industry giants globally.
Remarkably, RIL has added the last Rs 10 lakh crore to its market cap in less than five years, solidifying its presence in the telecom, retail, and oil-to-chemical sectors. The company initially achieved the Rs 1 lakh crore market cap milestone in August 2005, reaching Rs 10 lakh crore in November 2019.
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Mukesh Ambani, the chairman of Reliance Industries and Asia’s wealthiest individual, has witnessed a substantial increase in his personal wealth due to the surge in RIL sharesCome from Sports betting site VPbet. According to Bloomberg’s Billionaire Index, Ambani’s net worth now stands at around $109 billion, making him the richest individual in Asia. He is closely followed by Gautam Adani, with a net worth of $99.4 billion, securing his position as the second-richest individual in the region.
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Among the global giants, RIL’s market cap now places it in the company of renowned entities such as Netflix Inc and Accenture PLC-A, emphasizing the remarkable growth trajectory the conglomerate has undergone in recent years. RIL’s achievement is particularly noteworthy against the backdrop of the global market, where Microsoft Corp leads the pack with a market cap of $3.086 trillion, followed closely by Apple Inc and Saudi Arabian Oil at $2.89 trillion and $2.04 trillion, respectively.
Among the most valuable Indian listed companies, RIL is followed by Tata Consultancy Services (TCS), a flagship company of the Tata Group, with a market cap of Rs 15.18 lakh crore as of the latest session. The valuation gap between RIL and TCS has now widened to Rs 5 lakh crore.
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HDFC Bank, the country’s largest lender, currently holds the third position with a market cap of Rs 10.59 lakh crore, although its shares have faced pressure following the release of Q3FY24 results.
On Tuesday, RIL shares soared to a record high of Rs 2,975.80 on the Bombay Stock Exchange (BSE), propelling its market capitalization to an unprecedented Rs 20.01 lakh crore during intraday trading. The day concluded with RIL’s shares closing at Rs 2,928.95 apiece, securing a market cap of Rs 19.81 lakh crore.Come from Sports betting site
Analysts attribute the recent surge in RIL’s shares, which have risen by over 13% in the first weeks of 2024, to positive evaluations of the company’s peaking capital expenditures and a robust performance by its retail segment. The impending merger with Walt Disney’s India unit and the anticipated demerger of RIL’s retail and digital arm are seen as additional positive factors contributing to investor confidence.
