On 23rd July, 2020, Ambani-led Reliance Industries Ltd. (RIL) became the first Indian firm to reach the Rs. 13 lakh crore market capitalsisation mark. The share price of the company rose by 3.73%, leading to an all-time high of Rs. 2,078.9 against previous close of Rs. 2,004 on BSE (Bombay Stock Exchange). A fresh record was set by the conglomerate on BSE and NSE, by the RIL, by taking the market cap of the company to a whopping Rs. 13.16 lakh crore.
The firm gained a market cap of Rs. 1 lakh crore in just 8 trading sessions. It became the first Indian firm to cross the market capitalisation of Rs. 12 lakh crore on 13th July, just 10 days ago. This was after its stock climbed to a fresh high of Rs. 1,947. The large cap stock has gained at least 12.61% in the last five days.
RIL share is trading higher than the moving averages of 5 day, 20 day, 50 day, 100 day and 200 day. The share price of India's largest firm by market cap has grown by 37.06% since the beginning of the year, and 63.03% in one year.
The share has gained 20.64% in just one month. A total of 13.77 lakh shares have been traded, amounting to a turnover of Rs. 280 crore. The share later closed 2.82% higher, or Rs. 56.55 higher, i.e. at Rs. 2,060 on BSE.
Chairman of RIL, Mukesh Ambani, has now become the 5th richest man in the world, having surpassed Warren Buffet.
The company has gained 139.55% from its 52-week low of Rs. 867.82, that it hit on March 23, this year. The firm then hit a historic Rs. 2,000 on 22nd July.
The push provided to RIL stock to higher rates can be associated to a string of investments by global firms into the company. The biggest investments have been attracted by Jio, from technology companies as well as financial funds.
This had started with Facebook announcing that it will be investing USD 5.7 billion in Jio, and acquiring 9.9% stake in it. Gradually, investments from Intel and Qualcomm poured in, bringing more money Jio's way. With Google's investment, the total investment from financial and strategic investors into the Jio platforms stood at around Rs. 1.52 lakh crore.
