Reliance breaks into top 50 most valued cos globally, ranks 48
Reliance Industries Ltd on Thursday closed at Rs 2,060.65 on the BSE, up 2.82 percent over the previous day's close. This gave the firm an m-cap of over Rs 13 lakh crore.
Thursday July 23, 2020,
2 min Read
Billionaire Mukesh Ambani's Reliance Industries Ltd has broken into the top 50 most valued companies globally after it became the first company with market capitalisation of over Rs 13 lakh crore.
The oil-to-telecom conglomerate is ranked 48th in market cap globally, according to stock market data.
Globally, Saudi Aramco has the highest market cap of $1.7 trillion, followed by Apple, Microsoft, Amazon, and Alphabet.
Reliance on Thursday closed at Rs 2,060.65 on the BSE, up 2.82 percent over the previous day's close. This gave the firm an m-cap of over Rs 13 lakh crore.
Together with the firm's partly-paid shares that were issued in the recent rights issue and are traded separately, the company had a combined m-cap of Rs 13.5 lakh crore — or over $181 billion.
No Indian company has ever crossed an m-cap of Rs 13 lakh crore.
This is higher than Chevron's about $170 billion m-cap, as well as more than the likes of Oracle, Unilever, Bank of China, BHP Group, Royal Dutch Shell, and SoftBank Group.
Reliance is the 10th highest m-cap company in Asia. China's Alibaba Group is ranked 7th globally.
The only other Indian company in the top 100 firms is Tata Consultancy Services. As per its closing price of Rs 2,170.75 on the BSE, TCS has an m-cap of Rs 8.14 lakh crore — or about $109 billion.
Ambani is now richer than SpaceX CEO Elon Musk, Google co-founders Larry Page and Sergey Brin, and Berkshire Hathaway Chairman-CEO Warren Buffett, among others on the Bloomberg Billionaires' Index.
In 2020 alone, Ambani added $15.6 billion to his personal wealth.
The homegrown billionaire's riches are also a result of a staggering $20.4 billion foreign direct investment in Jio Platforms (RIL's digital arm), and a record Rs 53,100-crore rights issue of the parent company.
Reliance is India's most-valued publicly traded company; its valuation crossed $154 billion in July 2020 as foreign funding in Jio came to a close. Jio alone is valued at over $65 billion, and is reportedly eyeing a $100-billion IPO on foreign bourses by 2021.
(Disclaimer: Additional background information has been added to this PTI copy for context)
Edited by Kanishk Singh