RIL becomes first Indian firm to hit Rs 10 trn m-cap; stock hits new high

Reliance Industries (RIL) on Thursday became the first Indian company to hit Rs 10 trillion market capitalisation (m-cap) after the stock price hit a new high of Rs 1,581.25 on the BSE. The oil-to-telecom conglomerate's m-cap zoomed to Rs 10,02,380 crore during the trade on the BSE.

Minutes later, however, the m-cap slipped below Rs 10 trillion-mark.

In the past eight trading days, RIL has outperformed the market by gaining 8 per cent, after Reliance Jio, the telecom arm of the company, said it will increase tariffs in next few weeks. In comparison, the S&P BSE Sensex has gained one per cent during the same period. "Like other operators, we will also work with the Government and comply with the regulatory regime to strengthen the industry to benefit Indian consumers and take measures including appropriate increase in tariffs in next few weeks in a manner that does not adversely impact data consumption or growth in digital adoption and sustains investments," the statement had said.

Analysts believe tariff hike by telcos may boost sector revenue by at least 15-20 per cent in FY21. Read Complete Article