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RIL market cap crosses $100 bn-mark
October 18, 2007 15:12 IST
Mukesh Ambani-led Reliance Industries [Get Quote] on Thursday became the first Indian company to attain the market capitalisation of Rs 4 trillion (over $100 billion) after a 4.26 per cent surge in its share prices.
The share prices of country's most valued firm rose by Rs 114.7 to a life-time high of Rs 2805, pushing the company's market capitalisation to Rs 4,07,748.82 crore ($103 billion).
A total of 10.57 lakh shares of RIL changed hands at the exchange in the afternoon trade.
Earlier last month, Ambani had become the first person in the country to head a group worth more than $100 billion of market value. However, that included four of his group companies and India was yet to have a single company with a market cap of $100 billion at that time.
In a report released in August this year, global investment bank Morgan Stanley had predicted that RIL could be the first Indian company to achieve this mark. While forecasting a share price surge of about 37 per cent over the next year, Morgan Stanley said this would take RIL's market cap to more than $100 billion by August 2008.
However, the company has reached the milestone well ahead of Morgan Stanley's predictions.
At that time, RIL's market cap stood at about $64 billion, which has grown to about $103 billion now.
In the US, there are over 30 firms with $100 billion market value. With RIL's achievement today, India too can now boast of having a company with a $100 billion market cap.
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