Reliance Industries Ltd (RIL) shares soared to an all-time high of Rs 2,958 on the Sensex graph around 11.15 am on Tuesday, marking a significant milestone as the company became the first in India to surpass the Rs 20 lakh crore market valuation. This achievement reflects a remarkable trajectory for RIL, backed by Mukesh Ambani, who saw the company’s market cap rise from Rs 10 lakh crore in November 2019 to Rs 15 lakh crore in September 2021, as the market rebounded following the Covid-19 pandemic-induced downturn.
The latest surge in RIL’s valuation coincides with reports of its potential merger between Jio Cinema and Disney+ Hotstar this month. If finalized, Reliance would hold a 51 percent stake in the merged entity, establishing itself as India’s largest entertainment conglomerate, with Walt Disney retaining the remaining 49 percent. Additionally, the merger is expected to involve a joint fund-raising effort of $1.5 billion. As of 1.30 pm on Tuesday, RIL leads the market cap rankings, followed by TCS, HDFC Bank, ICICI Bank, Infosys, Bharti Airtel, LIC, SBI, Hindustan Unilever, and ITC.
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