Reliance Industries (RIL) market capitalisation (market cap) surpassed the $100 billion mark, after its stock price soaring to a record high of Rs 1,090, up 5% on Thursday on the BSE in intra-day trade. It became the second Indian company to scale the milestone after TCS.
At 11:56 am; RIL market cap stood at Rs 6.88 trillion or $ 100 billion mark, the BSE data shows. The stock was quoting at Rs 1,088, up 4.9%. On comparison, the S&P BSE Sensex was up over 1%.
Earlier, Mukesh Ambani-led RIL broke the $100 billion barrier in 2007. Tata Consultancy Services (TCS), the IT giant, is on top of the rank with Rs 7.57 trillion market cap, data shows.
The rally in RIL comes after it announced an aggressive plan in its 41st annual general meeting and ahead of its June quarter earnings.
Mukesh Ambani, Chairman and Managing Director in the AGM launched ultra high speed fixed line broadband services for homes and enterprises under the brand of JioGigaFiber on July 5. "Fiber will redefine 24/7 emergency help for all homes across India and Jio will offer the most competitive broadband connection."
The oil-retail-to-telecom giant has invested Rs 2.5 lakh crore in fiber connectivity.
RIL's net profits grew by more than 20.6 percent to Rs 36,075 crore in FY18. Reliance's earnings profile underwent a fundamental change this year.