Oil-retail-to-telecom major Reliance Industries (RIL) became the first company among listed entities to hit a market capitalisation (mcap) of Rs 10 lakh crore on November 28. The stock gained 0.74 percent intraday and touched a record high of Rs 1,581.25 on the BSE.
The company has become so big that its current mcap is similar to 19 Nifty companies, or 35 PSUs and banks, or all constituents in the Nifty Smallcap 250 list.
In dollar terms, its mcap stood at $140 billion, higher than Total
SA's $127.96 billion and way higher compared to BP's $99.57 billion. ($1= Rs 71.46)
The stock has been one of biggest gainers among the top 10 Nifty companies, rising 10 percent in the last one month, 24 percent in three months and 40 percent in last one year.
IL was quoting at Rs 1,579, up Rs 9.25, or 0.59 percent on the BSE at 1012 hours IST.
RIL is India's largest and most profitable private sector company and continues to remain a significant player in the integrated energy value chain globally.
The major reasons behind the stock's rally are its debt reduction plan, likely hike in tariffs and increasing focus on its consumer businesses.
Last month, RIL had approved the formation of a wholly-owned subsidiary
(WOS) for Digital Platform initiatives and said Reliance Jio Infocomm (Jio) would become virtually net debt free company by FY20-end, with exception of spectrum-related liabilities.
Its retail business has grown phenomenally, registering a seven-fold increase in revenue and a 14-fold increase in profit in the last six years.
Jio has already become the largest operator in India and still signing up more than 10 million new customers each month. On November 19, it said it would raise the tariffs and data charges in the next few weeks.