Business & Finance

Reliance Industries reclaims $100 billion market capitalization mark

Reliance Industries on Thursday reclaimed the USD 100-billion m-cap mark in morning trade on the bourses, as the company shares hit a fresh 52-week high of Rs 1,091 apiece.

The shares of RIL have risen for the fifth consecutive session today, and surged to a 52-week high of Rs 1,091 on the BSE, amid aggressive business plan announced in the AGM, ahead of its June quarter earnings.

Shares of the company today opened at Rs 1,043.15, then touched its 52-week high of Rs 1,091, up 5.27 per cent over its previous closing price.

Following the uptick in the counter, the market capitalisation (m-cap) of the company touched Rs 6,88,513.11 crore (around USD 100 billion).

Similar movement was seen on the NSE, where the stock opened at Rs 1,044.35, then surged 5.02 per cent to touch a 52-week high of Rs 1,091.

The company had last scaled this milestone in October 2007.

Following the surge in the counter, the benchmark Sensex soared 400 points to claim a record high and was quoted at 36,696.64 points, up 1.19 per cent at 1203 hours.

The company announced the aggressive business plan at its annual general meeting (AGM) held last week. The stock has been on an uptrend ever since and has gained 13.05 per cent since July 5.

At the AGM, Mukesh Ambani had unveiled an ultra high-speed fixed line fibre broadband for homes and enterprises across 1,100 cities and announced plans for an e-commerce platform that may rival likes of Amazon.

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