Reliance’s market capitalisation hits $200 billion
Reliance on Thursday became the first Indian company to record a market capitalisation of $200 billion. News of Silver Lake Partners investing in its retail arm and the possibility of similar announcements over the next few weeks buoyed the stock.
On the BSE, the RIL share closed at Rs 2,314.65, a gain of Rs 153.40 or 7.10 per cent. Earlier in the day, the stock hit a 52-week high of Rs 2343.90 — a rise of 8.45 per cent over the previous close. At close, it had a market cap of Rs 14.67 lakh crore or $199.74 billion.
RIL’s partly paid shares also finished 10 per cent higher, leading to a market cap of Rs 58,937.43 crore — adding up to a total market cap of almost $208 billion.
In July 2018, RIL had re-claimed a $100-billion market cap after a period of 11 years. However, the jump in its market value has been meteoric in the past six months, particularly after March.
After hitting a 52-week low of Rs 867.82 as markets were hit by fears over the Covid-19 pandemic, its shares have rallied a whopping 170 per cent after it announced a string of investments in its digital services business.