Reliance Industries Becomes 1st Indian Company To Hit ?19 Lakh Crore Market Valuation

Yesterday, Mukesh Ambani led Reliance Industries became the first Indian company to hit the ?19 lakh crore market valuation mark in intra-day trade.

Reliance Industries¡¯ stock jumped 1.85% on Wednesday to its record high mark of ?2,827.10 during the day on the BSE (Bombay Stock Exchange). The stock finally settled flat at Rs 2,777.90, as per a PTI report.

Following the upward movement in the share price, Reliance¡¯s market valuation jumped to ?19,12,814 crore in BSE¡¯s morning trade, hence making it the first Indian company to hit the ?19 trillion mark.

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Also Read: Explained: Amazon¡¯s Battle With Future Group & Reliance For Retail Supremacy In India

However, at the close of trade yesterday, the market valuation of Reliance Industries settled at ?18,79,237.38 crore.

The Previous Landmarks & Recent Deals

Previously, Reliance Industries¡¯ market valuation had crossed the massive ?17 lakh crore mark in October 2021 and then gone past ?18 lakh crore last month itself, in March 2022.

So far this year, the stock has rallied 17.30%.

In recent months this year, Reliance has been busy with a number of key deals in a bid to expand its portfolio. It stepped into electronics manufacturing with a ?16.7 billion investment in US Firm Sanmina, a move aimed to push ¡®Make In India¡¯. Also, Reliance not only paid over ?900 crore for a majority stake in robotics startup Addverb this year, but it also placed a $1 billion order for 5G robots.

And as recent as yesterday, a Reuters report said Reliance Industries and U.S. buyout firm Apollo Global Management are reportedly planning a joint bid for UK high street pharmacy chain Boots.

All this comes amidst Reliance recently calling off the Rs 27,513-crore deal with Future Retail, after a long-standing battle with Amazon,

In 2019, Amazon and Future became business partners when the former invested $200 million in a unit of Future group.

As per Amazon¡¯s argument, that deal came with non-compete clauses that prohibited Future from selling retail assets to certain rivals, including Reliance, which is run by one of India's richest men, Mukesh Ambani. Moreover, the deal also included clauses for settlement of any disputes under rules laid down by the Singapore International Arbitration Centre, as per a report by ET.

But in 2020, Future Group, which was hit hard by the pandemic, decided to sell assets to Reliance. Then, Amazon approached Singapore arbitrators and successfully stopped the sale. And the case had been going on since around 2 years, before Reliance recently decided to call of the deal.

Also read: Forbes' 2022 World¡¯s Billionaires List Revealed! Here's A Quick Glance Over Its Highlights

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