India News | Reliance First Indian Company to Settle at Rs 20 Lakh Cr M-cap
Get latest articles and stories on India at LatestLY. Billionaire Mukesh Ambani's Reliance Industries on Wednesday became the first Indian company to achieve a market capitalisation of of Rs 20 lakh crore, and its market value is ahead of the likes of Pepsico, Dutch energy giant Shell, and China's Petrochnina.
Mumbai, Feb 14 (PTI) Billionaire Mukesh Ambani's Reliance Industries on Wednesday became the first Indian company to achieve a market capitalisation of of Rs 20 lakh crore, and its market value is ahead of the likes of Pepsico, Dutch energy giant Shell, and China's Petrochnina.
Reliance stock had on Tuesday briefly touched Rs 20 lakh crore market capitalisation (m-cap), but it ended the day at Rs 19,93,881.61 crore.
The firm closed at Rs 2,963.60 on the NSE on Wednesday, up 1.14 per cent over the previous close, according to stock exchange data.
This gave it a market value of Rs 20.05 lakh crore at the close.
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This achievement places the company at the 49th position among the world's top 50 companies by market capitalisation, ahead of giants such as Pepsi Co, Shell Plc, and Cisco.
If the m-cap of Jio Financial Services, which demerged from Reliance on July 20, 2023, is included, the combined market value of Reliance would total up to Rs 21.73 lakh crore, which would place the company at the 43rd position, ahead of even Accenture and Netflix.
Microsoft Corp is the most valuable company in the world with an m-cap of USD 3.08 trillion, followed by Apple Inc (USD 2.89 trillion), Saudi Aramco (USD 2.04 trillion) and Google-owner Alphabet Inc (USD 1.84 trillion). In dollar terms, Reliance m-cap is USD 239 billion.
In his address to group employees in December 2023, Reliance Chairman and Managing Director Mukesh Ambani had expressed confidence that the firm will grow to rank among the top 10 business conglomerates of the world in the coming years.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)