Market valuation crosses Rs 11 lakh crores

New Delhi: The market valuation of Reliance Industries Ltd crossed Rs 11 lakh crore on Friday as shares rallied over 6 per cent after Chairman Mukesh Ambani announced that his oil-to-telecom conglomerate had become net debt-free.

Reliance Industries is also the first Indian company to cross the Rs 11 lakh crore market valuation mark. The market capitalisation rose by Rs 65,477.03 crore to reach Rs 11,15,418.03 crore on the BSE.

The heavyweight stock zoomed 6.23 per cent to close at Rs 1,759.50 on the BSE. During the day, it soared 7.99 per cent to touch an all-time high of Rs 1,788.60. On the NSE, it surged 6.47 per cent to settle at Rs 1,763.20.

"The bulls continued to dominate and helped the index to gain over one-and-a-half per cent. The surge was led by index heavyweight, Reliance Industries, which announced that it has become net debt-free," said Ajit Mishra, VP - Research, Religare Broking Ltd.