The market capitalization of Reliance Industries has again crossed Rs 8 lakh crore. Reliance shares started gaining strength after Saudi Arabian company Aramco announced a 20 percent stake in Reliance Industries (RIL). After around 13 trading sessions, RIL’s market cap had crossed the figure of 8 lakh crore on Tuesday itself. In the last two days, Reliance shares have risen nearly 10 percent.
RIL shares were in green mark till 11 am on Wednesday. Reliance’s share price had reached Rs 1287 and the company’s total market capitalization reached Rs 8,15,840 crore.
Significantly, the 42nd Annual General Meeting was organized by Reliance Industries Limited (RIL) on Monday. In this, the company’s chairman and managing director Mukesh Ambani had said that Saudi Arabian company Aramco has decided to buy a 20 percent stake in Reliance Industries (RIL).
It was only after the announcement of Aramco to buy the share that Reliance shares started gaining strength. RIL had a market capitalization of Rs 7,36,602 crore on Friday, the last day of trading last week, which rose to Rs 8,20,753 crore in the first four hours of trading on Tuesday.
Earlier, on July 23, Reliance had a market cap of Rs 8.06 lakh crore. Since then, Reliance’s market cap has remained below Rs 8 lakh crore. When Reliance did its 41st AGM on July 5 last year, its shares were priced at Rs 964, but on Friday its share price rose to Rs 1162 and on Monday it reached around 1287.
In this way, it has increased by more than 20 percent in one year period. From Friday to Tuesday, it has increased more than 10 percent in two trading sessions. Mukesh Ambani has announced that the debt on the company will be nil by March 2012, after which the sentiment became positive on Reliance shares.
According to the company’s annual report, Reliance is the largest exporter company in the country. In FY 2018-19, consolidated turnover of Reliance stood at Rs 6,22,809 crore, which is 44 per cent higher than a year ago. During this period, the consolidated profit of the company stood at Rs 39,588 crore, an increase of 13.1 percent over the previous financial year.