Washington Quarter: 1977
RIL at 8 lakh crore mcap: Mukesh Ambani-led firm’s rise to achieve major feat
1977 Usd Value Today
Billionaire Mukesh Ambani-led Reliance Industries scaled another peak yesterday by becoming the first Indian company to cross the Rs 8 lakh crore market capitalisation mark even as its stock hit a fresh 52-week high. We take a closer look.
Market experts attribute RIL stock price’s recent rise to company’s aggressive business plans announced by Mukesh Ambani at its annual general meeting (AGM) last month.
-led Reliance Industries scaled another peak yesterday by becoming the first Indian company to cross the Rs 8 lakh crore market capitalisation mark even as its stock hit a fresh 52-week high. RIL shares were trading at Rs 1,273.9, up by 0.4%. The surge in the counter has pegged the company’s market valuation at Rs 8.06 lakh crore at the end of yesterday’s session. At such a stupendous valuation, RIL is also India’s most valued firm by market capitalization followed by TCS at 7.8 lakh crore market capitalisation.
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Market experts attribute the stock’s recent rise to company’s aggressive business plans announced by Mukesh Ambani at its annual general meeting (AGM) last month, including the launch of its fibre-to-the-home service, GigaFiber.
In July this year, RIL’s market valuation had soared past the Rs 7 lakh crore mark, making it the second company after IT bellwether
Consultancy Services (TCS) to achieve this milestone.
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Interestingly, RIL had also crossed the USD 100-billion market capitalisation mark for the first time in the last 10 years.
Notably, the centibillionaire firm had earlier breached this mark in intra-day trade on October 18, 2007. The US dollar was quoted at Rs 39.59 at that time. The market valuation of RIL had crossed the Rs 6 lakh crore mark in November-17.
The calendar year 2017 has been stupendous for the company as in the year alone RIL added more than Rs 2 lakh crore to its market capitalisation. On February 27th last year, RIL crossed the 4 lakh crore market capitalisation.
Noting the rise of the company Mukesh Ambani said that the company started with just Rs 1,000 and a single employee. “My father founded Reliance in 1966 with one just employee and with a meagre capital of only Rs 1000, or about USD 130 at that time. Even then, his dream was to build Reliance as a world-class and world-scale Indian business conglomerate. He realised his dream in his own lifetime, Noting the rise of the company Mukesh Ambani said that the company started with just Rs 1 1977 Usd Value Today
While the share prices have peaked, and trade at fresh all-time high levels on Friday, Ambani recently noted that the shares have doubled investor wealth in nearly every 3 years. “It is a matter of great pride for me that, since Reliance’s IPO in 1977, our shareholders’ money has doubled every two and a half years, for the last 40 years,” Mukesh Ambani said at the event.
At International Advertising Association’s (IAA) Leadership Awards held last year, Mukesh Ambani shared his insights on the company’s rise, “Reliance completes 40 years of being a public company. I have been fortunate to be part of the journey from year one. I still remember that when I started off, I was a student of chemical engineering. At that time Reliance was less than 5 million dollars in enterprise value. And in 40 years within India, as an Indian company, we are now over 250 billion dollar in enterprise value. That has been a phenomenal journey,” Mukesh Ambani said. In the last one year period, RIL share have returned more than 40% in the year so far.
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