Reliance Industries becomes the first Indian company to reach Rs 10 lakh crore m-cap

Mukesh Ambani-led Reliance Industries Limited (RIL) achieved another milestone on Thursday. So far in 2019, Mukesh Ambani's wealth has surged by $15.7 billion, seventh-highest gain among billionaires worldwide.

RIL has become the first Indian company to touch a market capitalisation (m-cap) of Rs 10 lakh crore as its shares jumped to reach a record high of Rs 1,581 per piece. It took 22 sessions for Reliance Industries to jump from Rs 9 lakh crore market capitalisation company to Rs 10 lakh crore m-cap mark and 20 sessions to come from Rs 8 lakh crore to Rs 9 lakh crore. Last month Reliance Industries became the first Indian company to cross a market capitalisation of Rs 9 lakh crore.

It was struggling around the Rs 10 lakh crore m-cap for several days before finally making history. In 2019 RIL's stock has gained over 34 per cent so far.

Reliance Industries shares again rose 0.75 per cent to an intraday high of Rs 1,581. As of 10:30 am, RIL shares traded 0.50% higher at Rs 1,577.85.

From the beginning of this year, the company's shares have outperformed expectations, surging nearly 40 per cent, that helped in the gradual growth of Indian equity markets.

RIL's run in the stock market improved after Mr Ambani announced plans to cut the company's net debt to zero in the next 18 months through an assortment of measures including stake sale in its oil and chemical business to Saudi Aramco.

Edelweiss Securities said Reliance Industries is likely to achieve its zero net debt target as it is expected to receive Rs 1.1 trillion from Saudi Aramco and BP in FY21. RIL rise to the top comes a few days after it became the world's sixth-largest oil company, surpassing BP Plc.