Reliance Industries: First Indian company to cross Rs 9 trillion market capOctober 18, 2019 17:04
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Reliance Industries led by Mukesh Ambani emerged as the first Indian company to have its market capitalization crossing Rs 9 trillion. The shares of the company rose by 1.92% to Rs 1423 ahead of the quarterly results. Reliance Industries is followed by IT major TCS, which has a market capitalization of Rs 7.67 lakh crore. The value of the company that is being traded on the stock market is called market capitalization. It is usually calculated by multiplying the total number of shares with the current price of each share of the company.
“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. A report said that the massive reduction in net debt along with the rising contribution of Reliance Jio and huge rise in crude business made Reliance Industries gain well. The company is expected to announce the results of its next quarter soon. Reliance is expected to announce its new commerce venture. There are talks that the announcement of the new venture could have led to stock rising.