Reliance becomes 1st Indian company to hit Rs. 8trillion market-capLast updated on Aug 23, 2018, 03:30 pm
Despite hitting the $100bn market capitalization mark a month earlier, Mukesh Ambani-owned Reliance Industries Ltd. (RIL) has showed no signs of slowing down.
On Thursday, RIL hit yet another milestone, and became the first Indian listed company to cross the Rs. 800,000cr or Rs. 8 trillion mark on the BSE.
In doing so, RIL also replaced TCS as the most-valuable Indian company.
RIL surged past the Rs. 7 trillion mark in late-July
On July 12, the market capitalization of Reliance Industries Ltd. briefly crossed the Rs. 7 trillion mark, making it the second company after Tata Consultancy Services (TCS) to reach that value.
However, RIL's market capped dipped slightly after that and surged past Rs. 7 trillion again on July 20, marking the second such surge in a week.
Factors that supposedly contributed to RIL's market cap spike
On Thursday, RIL shares rose to a 52-week-high of Rs. 1,269.25 (at the time of writing), pushing the company's market capitalization to Rs. 804,406cr.
The surge came a day after Reliance Jio announced preview plans for its GigaFiber broadband service, and a week after several products, including JioPhone 2, started accepting registrations.
Grand plans highlighted at Reliance's 41st AGM also contributed to increased valuation.
India's top five companies by market capitalization
Notably, RIL and TCS have, for a while now, been engaged in a race to beat each other in terms of market capitalization and be India's most valued company.
Currently, with Reliance on top, TCS' market cap stands at Rs. 779,517cr.
Meanwhile, 3rd-placed HDFC Bank, 4th-placed HUL, and 5th-placed ITC have market capitalizations of Rs. 564,017cr, Rs. 383,735cr, and Rs. 380,649cr, respectively.