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Updated September 3rd, 2021 at 20:12 IST

Reliance Industries' stock rises 4.12%; first to gain m-cap of more than Rs 15 lakh crore

On Friday, achieving a historic feat, Reliance Industries (RIL) became the first domestic company to obtain a Rs.15 lakh crore market value.

Reported by: Aakansha Tandon
Reliance Industries
Image: PTI/ Unspash | Image:self
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On Friday, achieving a historic feat, Reliance Industries (RIL) became the first domestic company to obtain a Rs.15 lakh crore market value. After observing a massive surge in its share price, the Reliance industries market capitalisation reached Rs.15, 14, 017.5 crores on trade charts on the Bombay Stock Exchange. The share price of the heavyweight stock rose 4.12 per cent from its previous price and touched Rs. 2,394.40 on Friday. This made the company the biggest gainer in Sensex.

Reliance Industries’ price rises 4.12 %

The stock market also witnessed a sharp rally in the BSE 30-share benchmark index due to the surge in marketing capitalisation value of Reliance Industries Pvt Ltd. For the first time, the BSE-30 share benchmark index closed above the 58,000 mark. Some analysts believe that the Reliance industries have gained over 20 per cent this year.

Reliance Retail acquires 41% stake in Just Dial 

The reason behind the surge is being speculated as to the aftereffect of Reliance Retail buying a 41% stake in Just Dial. A day earlier, Reliance's retail venture - Reliance Retail had purchased a controlling stake in the local search engine, Just Dial. Another reason behind the upward surge of Reliance's stock is the announcement made by Mukesh Ambani that the company will invest in renewable energy in future. Reliance had also announced the launch of a new mobile range in collaboration with Google; this has also provided the company with an extra edge, as the announcement is expected to bring significant changes in the Telecom sector.

Other than this, at the closing bell, the BSE S&P Sensex was up by 277 points or 0.48 per cent at 58,130, while the Nifty 50 rose by 89 points or 0.52 per cent to 17,324. Sectoral indices were mixed with Nifty financial service, private bank and FMCG down marginally. But Nifty metal rose by 1.2 per cent, auto and realty by 1 per cent each, and IT by 0.6 per cent. ONGC moved up by 4 per cent, Coal India by 3.5 per cent and IndianOil Corporation by 2.5 per cent. Hero MotoCorp rose by 2.5 per cent, Bajaj Auto and Maruti Suzuki by 1.1 per cent each, and Tata Motors by 0.6 per cent.

With ANI Inputs

Image: PTI/ Unsplash

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Published September 3rd, 2021 at 20:12 IST

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