New Delhi: Reliance Industries Limited on Wednesday became the first Indian company to reach a market valuation (RIL market cap) of Rs 19 lakh crore. RIL has reached this stage after the rise in its share price. On Wednesday, the market’s heavyweight stock rose 1.85 per cent to a record high of Rs 2,827.10 on the BSE. The company’s market cap stood at Rs 19,12,814 crore in morning trade on BSE after the rise in share price.

The company’s market value crossed Rs 18 lakh crore in March

The company’s market value had crossed Rs 18 lakh crore in March this year. The market value of the company had crossed Rs 17 lakh crore on October 13 last year.

The stock has gained more than 19 percent so far this year

Meanwhile, billionaire Mukesh Ambani’s Reliance Industries Limited has signed a formal shareholder agreement for a $2 billion TA’ZIZ chemical joint venture in the United Arab Emirates. It has also entered into an agreement with ADNOC to cooperate in locating and producing conventional and non-conventional resources. The stock has gained over 19 per cent so far this year.

petro cam business is doing very well

According to Santosh Meena, Head of Research, Swastika Investmart Limited, Reliance Industries is doing well. Its petrochemical business has been performing well due to rising oil and gas prices, with Singapore’s gross refining margin (GRM) at its highest. Its telecommunications business is not affected by the war and high inflation between Russia and Ukraine, while it seeks cooperation in its retail business. It is continuously expanding its business in the renewable energy business, thereby opening up more opportunities for the company.