Reliance Industries First to Touch Market Capitalisation
RIL (Reliance Industries Limited) has become the first Indian company to touch a market capitalisation of Rs.10 lakh crore, with it’s shares jumping to a record high of Rs.1,581 apiece. It had been lingering for several days around this mark, before finally touching the milestone.
The company shares rose early by 0.70 per cent in early trade to surpass the Rs. 10 lakh crore market capitalisation. The company's shares have outperformed expectations from the beginning of this year, surging by nearly 40 per cent. The company-owned subsidiary Reliance Jio had announced plans of hiking the mobile phone call and data charges.
The Reliance Industries Limited's run in the stock market improved after owner Mukesh Ambani announced plans to cut the company's net debt to zero in the next one and a half years, through measures that included stake sale in it's oil and chemical business, to Saudi Aramco.
The new high makes it's owner Mr.Mukesh Ambani the 12th richest man in the world. He is already Asia's richest, with personal wealth of $60.7 billion, and is narrowing the gap with Larry Ellison, founder and largest share-holder of Oracle. Mr.Ambani controls over 42 per cent of Reliance Industries, owner of the world's largest oil refining complex, Reliance Retail and Reliance Jio.
Mr Ambani has added another $16.4 billion to his wealth, or a 37 per cent surge in his wealth, to become Asia's richest man, overtaking Jack Ma of Alibaba Group, with personal wealth of $45 billion. It took just 25 trading sessions for the oil-to-retail conglomerate to reach market capitalisation of Rs.10 lakh crore.