RIL First Indian Co to Cross the ₹11 L-crore M-cap Mark

Reliance Industries became the first Indian company to cross ₹11 lakh crore in market value. The stock soared 6% to ₹1,759.50 as investors cheered the telecom-to-oil conglomerate’s steps to become debt free. The company’s market capitalisation touched $150 billion in dollar terms. Analysts expect the stock to gain 10-13% from current levels in 2020.

Analysts said the market is willing to offer higher valuations to co because of a shift in business focus.

Reliance has turned net debt-free by raising ₹168,818 crore in two months through the country’s largest ever rights issue and a series of stake sale deals in its arm Jio Platforms.

Reliance shares have doubled from their March lows. While the Sensex is down 16% from the start of 2020, Reliance is up 17.66%.

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