Mumbai: Mukesh Ambani-led Reliance Industries Limited (RIL) created history on Thursday (November 28) by becoming the first Indian company to touch a market capitalisation (m-cap) of Rs 10 lakh crore. RIL managed to reach the milestone after its shares jumped to touch a record high of Rs 1,581 per piece.
RIL was hovering around the Rs 10 lakh crore m-cap for several days and it finally managed to breach the Rs 10 lakh crore m-cap mark as it shares rose 0.70 per cent in early trade on Thursday.
It is to be noted that the shares of the company have surged nearly 40 per cent in 2019. The company started making gains in the stock market after Mukesh Ambani, who is India’s richest man, announced his plans to cut the company’s net debt to zero in the next 18 months.
It is believed that the RIL would achieve its zero net debt target by selling its stake in its oil and chemical business to Saudi Aramco and some other important measures.
Addressing the 42nd annual general meeting (AGM) of RIL in August, Ambani had said, “it is the biggest foreign investment for Reliance and one of the largest for India. The Partnership with Saudi Aramco will cover RIL’s Refining and Petrochemicals assets, including 51 percent of the Petroleum Retail JV”.
In October, RIL became the first company in India to cross a market capitalisation of Rs 9 lakh crore.
Bureau Report
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