New Delhi: Reliance Industries won the market capitalization (m-cap) race against TCS as it became the first listed Indian company to hit Rs 8 lakh crore in market valuation.
On Thursday, the stocks of the company were trading at 1.27 per cent higher at Rs 1,262.30. This helped the company reach the market capitalization of Rs 8,00,001.54 crore.
With this, the market valuation of the giant in oil-to-telecom sector stood much higher than the market valuation of TCS which was recorded to be Rs 7,77,870 crore m-cap.
The company operated by Mukesh Ambani reached the $100 billion mark for market capitalization. This mark was achieved by the company only once in the year 2007.
At the company’s 41st annual general meeting on July 5, Chairman Mukesh Ambani said that RIL aimed to more than double its current size by 2025, as its customer-centric business expands to match the traditional revenue stream.
Shares of Reliance Industries have climbed 60 per cent in the last one year against 63 per cent rise in TCS stock during the same period.
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The RIL’s stock has contributed a lot to Nifty‘s 18 per cent rise during the period.
Brokerage Edelweiss Securities expects the non-regulated segments such as refining, chemicals and shale to contribute 90 per cent of the company’s incremental Ebitda over the next few years.
“We believe refining margins in Asia will rise due to a paradigm shift in regional refining dynamics, which will favour a complex refiner like Reliance Industries,” the brokerage said in a recent note.
RIL is currently at the end of its capex phase, investing in world-scale projects like petcoke gasification, off-gas crackers and telecoms, which will drive future growth, it added.
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