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Reliance Industries Ltd (RIL) on Wednesday became the first Indian company to settle at Rs 20 lakh crore in market capitalisation.
The Reliance stock had on Tuesday briefly touched Rs 20 lakh crore (trillion) market capitalisation but it ended the day at market capitalisation of Rs 19,93,881.61 crore. The shares of Reliance hit a record high of Rs 2,967 in intra-day trade on February 14 as the market capitalisation settled at Rs 20.05 lakh crore at the close. The landmark achievement places the company at the 49th position among the world's top 50 companies by market capitalisation, ahead of giants such as Pepsi Co, Shell Plc, and Cisco, a release said. If one were to include the market capitalisation of Jio Financial Services, which demerged from Reliance on July 20, 2023, the combined market capitalisation of Reliance would total up to Rs 21.73 lakh crore, which would place the company at the 43rd position, ahead of Accenture and Netflix. In his address to Reliance employees in December 2023, RIL Chairman Mukesh Ambani expressed confidence that Reliance will grow to rank among the top-10 business conglomerates of the world. Reliance Industries, the oil-to-telecom conglomerate, is India's "largest and most profitable private sector company". (ANI)
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