Business

Reliance Becomes 2nd Indian Company To Reach $100 Billion Market Value

JAVED SAIFI | 0
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| July 12 , 2018 , 15:28 IST

Reliance Industries market capitalisation value reached $100 billion mark on Wednesday as the company share hit 52 weeks high at Rs 1098 apiece on the Bombay stock exchange. Reliance Industries has become the second company in the country to reach the milestone of $100 billion market capitalisation value after Tata Consultancy Service (TCA).

The market value of the company was Rs 6, 88,513.11 crores ($100 billion) at the opening bell on Thursday.

The company share at BSE on Thursday opened at Rs 1043.15 which is up by 6 percent over the previous closing price. The similar surge in share price is also recorded at NSE where the stock opened at Rs 1,044.35, then surged 5.66 percent to touch a 52-week high of Rs 1,097.

Also Read: Mukesh Ambani To Serve Another 5-Year Term As CMD At Reliance Industries

The immediate surge in the share price of the company could be the reason of aggressive plans announced at the 41st Annual general meeting on July 5.

Reliance Industries Chairman and Managing Director Mukesh Ambani while addressing the shareholders of the company’s at 41st Annual General Meeting in Mumbai launched broadband and fixed line service JioGigafiber and Jio Phone 2.

At the launch, Mukesh Ambani said, “We will now extend fiber connectivity to homes, merchants, small and medium enterprises and large enterprises simultaneously across 1,100 cities to offer the most advanced fiber-based broadband connectivity solutions.”