BANKING AND ECONOMY
Reliance Industries Limited (RIL) became the first-ever Indian company to hit a market capitalization (m-cap) of Rs 19 lakh crores amid a spurt in volume.
Despite weakness in the broader markets, the largest domestic company rallied 2% to Rs.2,827.10 apiece, its new all-time high. With this, the company's market valuation soared to Rs.19,12,814 crores in morning trade on the BSE amid a rally in its share price.
Mukesh Ambani signed a formal shareholding agreement for the $2 billion TA’ZIZ chemical joint venture (JV) in the UAE. This JV is expected to unlock new revenue streams for RIL as well as the ADNOC and ADQ, an Abu Dhabi-based investment and holding firm.
The company inked a pact to tie-up with Abu Dhabi National Oil Company (ADNOC) in finding and producing conventional and unconventional resources.
Market Capitalization refers to the total value of all a company's shares of stock which is calculated by multiplying the price of a stock by its total number of outstanding shares. It is also known as the Market cap or M-Cap.
As per both indices - Bloomberg and Forbes billionaires list - Mukesh Ambani, Chairman of Reliance Industries remains the second richest person in India. The richest person in India is Gautam Adani, the Chairman of Adani Group.