Reliance Industries Limited is now a $100bn company
On Thursday, shares of Reliance Industries Limited (RIL) jumped sharply, after seeing a five-day rise, and helped the Mukesh Ambani-owned energy-to-telecom giant touch a market capitalization of $100bn.
RIL shares jumped by as much as 6%, and was trading at Rs. 1,080 at the time of writing.
The rise in valuation now puts RIL at second place among the most valued companies in India.
Reliance Industries Limited touches $100bn market cap
The most valued company in India is TCS
Currently, India's largest software services exporter, Tata Consultancy Services (TCS), is the most valued company in India, with a market capitalization of Rs. 754,612.17cr ($110bn).
RIL has big plans for the future
RIL had touched the $100bn market cap mark way back in 2007.
Meanwhile, RIL has big plans for the future.
At RIL's 41st AGM, Mukesh Ambani announced that RIL plans to double its sales in the next seven years, by augmenting its mainstay refinery/chemicals business and its growing consumer business.
In the next two years, Ambani wants to enter e-commerce, healthcare, education, and agriculture.
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Reliance Jio is big part of Ambani's vision
Understandably, RIL's telecom arm, Reliance Jio Infocomm, is a big part of Ambani's vision.
Earlier this month, Jio, which already has a massive customer base, announced its JioFiber broadband service as part of its push into wireless and fixed-line internet industry.
RIL has already invested Rs. 2.5 trillion in Jio, and Ambani wants to expand into e-commerce, healthcare, education, and agriculture via Jio.
Bloomberg analysts, Goldman Sachs remain bullish about RIL
As far as expert opinion of RIL stock is concerned, 30 Bloomberg analysts have a buy call on the shares, five have a hold rating, and five have sell.
Meanwhile, global brokerage firm Goldman Sachs estimates RIL's Q1 earnings before interest, tax, depreciation, and amortization (EBITDA) for 2018 to see a 45% year-on-year growth.
Goldman Sachs also has a buy call on the stock.