Mukesh Ambani-backed Reliance Industries shares hit record high

Reliance at all-time high: Shares of billionaire Mukesh Ambani-backed Reliance Industries rose as much as 1.54 per cent to hit record high of Rs 2,690.90 on Thursday. With today's surge in share price of Reliance Industries, its market capitalisation surpassed Rs 18 lakh crore making it the most valuable company in the country.

TCS which is the second largest company by market capitalisation has market cap of Rs 13.61 lakh crore.

Chairman Ambani on Wednesday, at 10th Vibrant Gujarat Summit, revealed plans for establishing inaugural, state-of-the-art carbon fibre facility at Hazira. Stressing that the company has deep-rooted connection with Gujarat, Ambani affirmed that Reliance has, and will continue to be, a Gujarati company.

Having invested over $150 billion in the last decade to develop world-class assets across India, with Gujarat receiving more than a third of these investments, Reliance is set to contribute to Gujarat's global leadership in green growth, Ambani said. He pledged support for Gujarat's goal to fulfil 50 per cent of its energy requirements through renewables by 2030.

The Dhirubhai Ambani Green Energy Giga Complex, currently under construction in Jamnagar across 5,000 acres, aims to generate green jobs and facilitate the production of sustainable products, positioning Gujarat as a leading exporter of such goods, he added.

Earlier this month, media reports suggested that Reliance Industries and Walt Disney appointed law firms and started antitrust due diligence of their planned media and entertainment merger.

Reliance appointed law firm Khaitan & Co and Shardul Amarchand Mangaldas, while Disney has roped in AZB & Partners.

The appointments are the latest sign of progress as Reliance and Disney, which each have a major streaming service as well as 120 television channels between them, look at merging into an entity to create an entertainment superpower in the world's most populous nation. Ambani's group is expected to have a majority stake in the entity.

As of 9:49 am, Reliance Industries shares traded 1.13 per cent higher at Rs 2,680. The stock alone added 91 points towards 200 points gain in the Sensex making it as the top contributor towards gain in the Sensex.