RIL m-cap inches closer to Rs 6 lakh cr

Reliance Industries’ market valuation is fast inching closer to Rs 6-lakh crore mark, buoyed by a rally in its share price.

At the close of trade on Monday, the company’s market capitalisation (m-cap) stood at Rs 5,94,078.91 crore, which is just Rs 5,921.09 crore less than Rs 6 lakh crore mark. The company’s market valuation surged by Rs 17,595.91 crore to Rs 5,94,078.91 crore.

Shares of the company rose by 3.05% to close at Rs 938.10 on the BSE. During the day, it jumped 3.63% to Rs 943.45 -- its 52-week high. On the NSE, shares of the company gained 3.28% to end at Rs 939.75.

According to analysts, the rally was mainly on hopes of likely stabilisation in pricing war in telecom sector. “I find that the stock has been on buyers’ radar in 2017, especially after the company started charging customers from April 1. Q2FY18 was the first quarter where the company showed revenue for Jio business. The company posted a loss of Rs 270.6 crore during the quarter,” he said.

In terms of equity volume, 5.40 lakh shares of the company were traded on BSE and over one crore shares changed hands on NSE during the day.

RIL is the country’s most valued firm followed by TCS (Rs 4,95,025.20 crore), HDFC Bank (Rs 4,81,308.13 crore), ITC (Rs 3,24,998.77 crore) and HDFC (Rs 2,74,499.86 crore) in the top five list.