Billionaire Mukesh Ambani-led Reliance Industries on Wednesday became the first Indian company to hit the Rs 19 lakh crore market valuation mark following a rally in its share price. Reliance Industries shares rose as much as 1.85 per cent to hit record high of Rs 2,827.10 on the BSE. On the National Stock Exchange, it rose as much as 1.9 per cent to hit an all-time high of Rs 2,828.
Following the surge in its share price, the company's market valuation jumped to Rs 19,12,814 crore in morning trade on the BSE.
In March this year, the company's market valuation had gone past Rs 18 lakh crore.
Last year on October 13, the company's market valuation went past Rs 17 lakh crore mark.
Meanwhile, billionaire Mukesh Ambani's Reliance Industries Ltd has signed a formal shareholder agreement for the $2 billion TA'ZIZ chemical joint venture in the UAE and inked a pact to collaborate with ADNOC in finding and producing conventional and unconventional resources.
So far this year, the stock has rallied over 19 per cent.
"Reliance Industries is firing on all cylinders because its petchem business is doing extremely well on the back of a surge in Oil and Gas prices where Singapore gross refining margin (GRM) is at an all-time high. Its telecom business is unaffected by geopolitical tension and inflation whereas it is exploring synergies in its retail business. It is continuously expanding its path in the renewable energy business, which is opening more opportunities for the company," said Santosh Meena, head of research at Swastika Investmart.
As of 11:45 am, Reliance Industries shares traded 0.88 per cent higher at Rs 2,800, outperforming the Nifty which was down 1 per cent.