Street signs: Reliance Industries races to $100 billion

Reliance Industries
Reliance Industries (RIL) is likely to be the first Indian company to touch the $100 billion market capitalisation mark. Valued at $91.4 billion at present, the Mukesh Ambani-led company is only 10 per cent away from this landmark.

Thanks to a successful foray into telecom, RIL has seen its shares spurt 68 per cent in 2017. Globally, there are 93 companies in the $100-billion-plus club. RIL is ranked 109 just behind Morgan Stanley.

Samie Modak
IPO boom reaching its peak?

Next week, there is a lot of action expected in the initial public offer (IPO) market. Three road shows – New India Assurance, Mahindra Logistics and Khadim India, two listings – Indian Energy Exchange and General Insurance Corporation (GIC Re) and the opening of the Reliance Nippon Asset Management Company issue. Market players, however, believe that this could be the last leg of aggressive fund raising in the current market. “Most of this fund raising is highly dependent on mutual fund houses due to consistent inflows and Life Insurance Corporation of India. It would be interesting to see how many retail investors show interest in these issue as there is fatigue now,” says an investment advisor.

Joydeep Ghosh

Right of passage

The government is in the process of launching two big issues that of New India Assurance and Bharat-22 exchange traded fund. Banking sources say the Centre is struggling to decide which of the two should go to the market first. Those handling the respective issues are lobbying to launch their offering first, says a person involved in the transaction. “The refund and listing process for GIC Re’s Rs 11,300-crore IPO will complete soon. Once it’s done, the government will take a call on which to launch first. New India and Bharat-22 both are ready to hit the market but both being large issuancea, there has to be sufficient time gap between the two,” the person said.

Samie Modak

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