New Peak! Reliance Industries share price hits another record high; mcap hits ₹20 lakh crore

Reliance Industries' share price hit a record high on Friday with its market capitalisation crossing ₹20 lakh crore. Reliance shares rallied as much as 3.4 percent to a fresh high of ₹2,949.90 apiece on the BSE.

On NSE as well, Reliance's share price jumped 3.4 percent to a record high of ₹2,949.80. It has surged almost 47 percent from its 52-week low of ₹2,012.14, hit on March 20, 2023.

RIL stock was the top contributor on the Sensex, contributing nearly 157 points to its gains. The BSE Sensex index was trading 716 points, or 1 percent higher at 72,361.

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With its market capitalisation crossing ₹19.6 lakh crore, Reliance Industries is the most valued company in the Indian stock market. The stock recently crossed the ₹19 lakh crore mark on January 29.

Reliance shares have gained over 10 percent in January. It has also been positive in February, extending gains for the fourth straight month since November 2023. Between November 2023 and today, the stock has jumped 29 percent. Meanwhile, it has advanced over 34 percent in the last 1 year.

On January 19, the billionaire Mukesh Ambani-led energy-to-telecom conglomerate reported an 11 percent year-on-year (YoY) rise in net profit at ₹19,641 crore for the third quarter of FY24.

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The company’s gross revenue in Q3FY24 increased 3.2 percent YoY to ₹2,48,160 crore led by continued growth momentum in consumer businesses. The revenue was largely led by retail, oil & gas segments, while the oil-to-chemicals (O2C) arm’s revenue declined on account of lower price realisation.

The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) in the December quarter rose 17 percent to ₹44,678 crore, driven by the retail and oil & gas segment.