Billionaire Mukesh Ambani-backed Reliance Industries' market capitalisation crossed Rs 20 lakh crore for the first time as its shares surged to record high. Reliance Industries shares rose as much as 1.88 per cent to hit an all-time high of Rs 2,957.80.

Reliance Industries became the first Indian company to cross Rs 20 lakh crore in market cap. The company's market cap hit an all-time high of Rs 2,00,12,79,72,41,609.20 in absolute terms.

Trading volumes in Reliance Industries shares spiked as 17,58,765 shares worth Rs 515.75 crore changed hands on the National Stock Exchange. The stock has surged 36 per cent from its 52-week low of Rs 2,180 hit on March 20, 2023, outperforming the Nifty which has gained 28 per cent during the same time frame.

Notably, Reliance Industries has been the top contributors towards the rally in the Nifty which surged to record highs last month, analysts said.

Reliance Industries last month reported net profit of Rs 17,265 crore in third quarter of current financial year, marking an upside of 9.33 per cent from Rs 15,792 crore during the same period last year.

The country's most valuable company's revenue from operations advanced 3.5 per cent to Rs 2,27,970 crore as against Rs 2,20,165 crore in the year ago period.

Its telecom arm, Jio Infocomm's net profit rose 12.8 per cent annually to Rs 5,208 crore in December quarter. Jio's average revenue per user (ARPU) improved to Rs 181.70 per month from Rs 178 in the corresponding period last year.

Reliance Retail, the retail arm of the conglomerate, clocked revenue of Rs 83,063 crore, up 23 per cent.

As of 12:02 pm, Reliance Industries shares traded 1.62 per cent higher at Rs 2,950 crore and was among the top gainer in the 30-share Sensex.