Reliance, 1st Indian company to hit Rs 10 lakh cr m-cap

Reliance, 1st Indian company to hit Rs 10 lakh cr m-cap

The richest man in Asia and the 13th richest person in the world, Mukesh Ambani's Reliance Industries Limited made history on Thursday by becoming the first Indian company to reach a market capitalisation of Rs 10 lakh crore. A month ago, the company became the first Indian company to cross a market capitalisation of Rs 9 lakh crore. On Thursday, Reliance's shares spiked to reach a record high of Rs 1,581 per piece.

Nearly a month, it was awaited for the company to reach Rs 10 lakh crore m-cap and today, it has reached the milestone. The shares rose 0.70 per cent in early trade to finally surpass Rs 10 lakh crore m-cap. Ever since the beginning of 2019, Reliance shares have been profitable and performed more than expected. Even in the stock market, Reliance improved after Ambani declared plans to cut the company's net debt to zero in the next 18 months through an assortment of measures.

With RIL rising to the top just a few days after it became the world's sixth-largest oil company, Billionaire Mukesh Ambani has now thought of selling his news media assets to India's Times Group. Bennett Coleman & Co., the publisher of the Times of India, is looking to hire advisers for due diligence on the news properties of Ambani's Network18 Media & Investments Ltd.