Reliance MCap Breaches ₹21 Lakh Cr, 1st Indian Company To Do So

Shares of Reliance were surging on Friday morning after the company’s telecom arm Jio announced raising price for its plans.

What Happened: Shares of the conglomerate soared over 2% to hit a new all-time high of ₹3,129.85. The surge also took the company’s market capitalisation over ₹21 lakh crore.

The company had first crossed the ₹20 lakh crore mark in February. It is now also the 40th largest company in the world in terms of market cap, ahead of Adobe, Accenture and Wells Fargo.

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Jio announced tariff hikes for all its plans starting from July 3. Unlimited 5G plans will now be available for all plans offering 2 gigabytes per day and higher. All plans were hiked by an average of 20%.

Indian stock indices were upbeat on Thursday, with the Sensex climbing by 0.46% to reach 79,609.99 points, while the Nifty increased by 0.49% to 24,163. At the time of writing, 35 Nifty 50 stocks were in the green while 15 were in the red.

Major gainers on the Nifty included Reliance Industries, SBI, NTPC and ONGC.

Price Action: Reliance’s share price was up 1.53% to trade at ₹3,108 shortly after market open on Friday.

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