Reliance becomes first Indian company to cross ₹21 trillion m-cap
What's the story
Reliance Industries Limited (RIL), a diversified conglomerate with interests in oil, telecom, and retail sectors, witnessed its share price reach an unprecedented high on Friday.
During the morning trade on the Bombay Stock Exchange (BSE), RIL's shares jumped over 2% to hit a fresh peak of ₹3,129.
This significant surge led to the firm's market capitalisation exceeding the ₹21 lakh crore mark, making it the first Indian company to reach this milestone.
Opening surge
RIL shares open strong, reach new high
The shares of Reliance Industries Limited (RIL) opened at ₹3060.95, slightly below its previous close of ₹3061.10 on Friday morning.
The shares quickly rose by 2.2% to reach a new high of ₹3,129.
Some analysts expect the RIL stock to rally further, especially after its telecom unit Reliance Jio raised the prices of prepaid and postpaid mobile plans by up to 25%.
This tariff hike will boost its ARPU (average revenue per user).
Stellar performance
RIL's robust growth outperforms benchmark index
RIL has demonstrated a robust growth in its share price this year, outperforming the benchmark index.
Considering Friday's high, the stock has seen an impressive gain of 21% so far this year.
In contrast, the Sensex, which serves as a barometer for India's equity market performance, has risen by only 10% during the same period.