The Reliance Industries (RIL) stock surged past the market capitalisation of Rs 7 lakh crore in trade today, making it the second company after Tata Consultancy Services (TCS) to achieve the milestone. The RIL stock surged past the 1,100 mark to hit an all-time high of 1107.25 level taking the market capitalisation of Mukesh Ambani-owned conglomerate to Rs 7,01,404 crore (over $102 billion) on BSE.
The stock has risen 44.3% during the last one year. Incidentally, the stock hit its 52 week low of 753.35 exactly an year ago on July 13, 2017.
The stock has gained nearly 19% since the beginning of this year.
The market valuation of RIL had crossed the Rs 6 lakh crore mark in November last year.
On May 25, 2018, IT bellwether Tata Consultancy Services' market valuation briefly crossed the Rs 7-lakh crore mark, making it the first company to achieve the milestone.
The market valuation of TCS jumped to Rs 7,03,309 crore during the intra-day session on the BSE. The m-cap was calculated at the stock's 52-week high price of Rs 3,674 hit on the exchange. The company announced aggressive business plan at its annual general meeting (AGM) held last week. The stock has been on an uptrend ever since and has gained nearly 14 per cent since July 5.
Yesterday, the Reliance Industries stock reclaimed the $100-billion market capitalisation mark amid Sensex and Nifty hitting record highs in trade. It crossed the coveted milestone on October 18, 2007 for the first time.
Reliance became the second Indian firm to enter the coveted league after market capitalisation of TCS crossed the $100 billion milestone on April 23, 2018.
TCS is the country's most valued firm with a market cap of Rs 7,60,355.03 crore followed by RIL, HDFC Bank (Rs 5,69,268.91 crore), HUL (Rs 3,75,455.73 crore) and ITC (Rs 3,33,506.50 crore) in the top five order.