Mukesh Ambani-controlled Reliance Industries Ltd (RIL) has become the first Indian company to test Rs 10 lakh crore market valuation.
The company opened the day’s trade at the valuation of Rs 9.95 lakh crore, but as its scrips rallied in the Indian market, the market capitalization of the firm zoomed passed Rs 10 lakh crore mark.
At the time of filing this copy, RIL's market cap stood at Rs 10.01 lakh crore as shares were trading at Rs 1,579 per scrip, Rs 9.25 up from Wednesday’s close.
In dollar terms, the valuation stands at $140.1 billion. Though the company is valued far lower than the global big five tech companies, it has acquired a spot in the top five oil and refining companies, globally.
Most analysts have a buy rating on the company with shares likely to touch Rs 1,700 per scrip in rthe coming days.