Shares of Reliance Industries jumped back in the green on Tuesday after starting the week in red.
What Happened: India’s most valuable company saw its shares scale new heights, going up close to 2% to hit a new all-time high of ₹2,958. Shares of the company have made a good start to 2024. On a year-to-date basis, the stock has gone up over 13%.
With this surge today, the Mukesh Ambani-led conglomerate became the first listed Indian entity to surpass the ₹20 lakh crore market capitalization mark. The Mumbai-based conglomerate is often regarded as one of Dalal Street’s most significant wealth generators.
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RIL shares first attained the ₹1 lakh crore market cap milestone in August 2005, followed by the ₹10 lakh crore level in November 2019. At its current valuation of around ₹20 lakh crore, RIL maintains its position as India’s most valuable firm, surpassing giants such as TCS at ₹15 lakh crore and HDFC Bank at ₹10.5 lakh crore.
Ambani’s personal wealth also has appreciated quite a lot this year, thanks to the company’s performance at the bourses. Last month, he re-entered the elite circle of centibillionaires. His net worth stands at around $109 billion, as per the Bloomberg’s Billionaire Index.
Price Action: Reliance’s share price was up 1. to trade at ₹ on Tuesday afternoon.
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