Reliance Industries Hits New High, Market Cap Near Rs 14 Lakh Crore

With the surge in share price or Reliance Industries, the company remains the most valued company in the country.

Reliance Industries Hits New High, Market Cap Near Rs 14 Lakh Crore

Reliance Industries share price rose for sixth day in a row on Friday to hit a new record high.

Reliance Industries share price rose for sixth day in a row on Friday to hit a new record high. Reliance Industries stock price rose as much as 4.3 per cent intraday to hit a new all-time high of Rs 2149.70 on the BSE. In the last six trading sessions, Reliance Industries shares have gained 17 per cent. Meanwhile, a media report said Amazon was in talks for a potential investment in the conglomerate's retail arm - Reliance Retail.

With the surge in share price of Reliance Industries, the company remains the most valued company in the country and is the first entity in India to have crossed market capitalisation of Rs 13.50 lakh crore. At day's high, Reliance Industries market capitalisation rose to Rs 13.62 lakh crore, data from BSE showed.

Reliance Industries Chairman and Managing Director Mukesh Ambani overtook Steve Ballmer to become the fifth-wealthiest person on the planet, with a net worth of $77.4 billion. The jump in ranking is just the latest milestone for Mr Ambani, 63, whose fortune has surged by $18.8 billion since the beginning of the year.

The Reliance Industries Ltd. chairman has jumped nine places on the Bloomberg Billionaires Index since January as shares of his conglomerate have risen 135 per cent from a low in March, buoyed by recent investments from firms including Facebook Inc., Silver Lake and BP Plc.

Mr Ambani cracked the group of the 10 richest people just last month. Two weeks ago, he surpassed Warren Buffett, now ranked No. 7.

As of 11:46 am, Reliance Industries shares were trading 3.98 per cent higher at Rs 2,143, outperforming the Nifty which was down 0.6 per cent.