Reliance Industries Limited Became the First-Ever Indian Company to Hit a Market Cap of Rs.19 Lakhs Crores
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.
Important points for the exam:
- The first-ever Indian company to hit a market capitalization (m-cap) of Rs 19 lakh crores is Reliance Industries Limited (RIL).
- 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.
- 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.
Facts to know:
- As per both indices - Bloomberg and Forbes billionaires list - Mukesh Ambani, Chairman of Reliance Industries remains the second richest person in India.
