This surge in RIL, along with positive global cues, led the Indian market to witness a strong rise today with the Sensex and Nifty jumping almost 2 percent each. Sensex ended the day 1240.90 points or 1.76 percent higher at 71,941.57 whereas Nifty settled 385 points or 1.8 percent higher at 21,737.60.
“Markets have bounced back strongly after the last two weeks of correction on the back of RELIANCE which has recorded more than 5% gains in the day so far. Technically 21,750 is a strong resistance for Nifty around which we expect the current rally to cool off. Supports are placed at 21,137 and 20,870 on the downside,” said Rahul Sharma, Director, Head – Technical & Derivatives Research, JM Financial Services.
Reliance’s share price rose as much as 7.2 percent to its record high of ₹2,905 in intra-day deals on Monday with its market capitalisation crossing ₹19.5 lakh crore. The stock ended 6.86 percent higher at ₹2,896.15.
The stock has added more than ₹1 lakh crore in market capitalisation in today’s session itself. This is also the biggest single-day gain for the stock since September 2020. Moreover, it has already advanced over 44 percent from its 52-week low of ₹2,012.14, hit on March 20, 2023.
Post this rise, RIL is now at the 44th position among the largest companies by market capitalisation (m-cap) globally, as per companiesmarketcap.com. It jumped 3 ranks from 47th in the previous session.
8 of the top 10 companies with the highest m-cap are from the US with Microsoft topping the list with a $3 trillion m-cap. It was followed by Apple ($2.97 trillion), Saudi Aramco ($2.03 trillion), Alphabet (Google) ($1.91 trillion), Amazon ($1.64 trillion), NVIDIA ($1.5 trillion), and Meta Platforms (Facebook) ($1.01 trillion).
In dollar terms, the m-cap of Reliance stands at $236.28 billion. It overtook Accenture ($232.65 billion), Pepsico ($230.78 billion) and Roche ($230.51 billion) after today’s rally.
With its market capitalisation crossing ₹19.5 lakh crore, Reliance Industries is the most valued company in the Indian stock market. It is followed by TCS ( ₹13.88 lakh crore), HDFC Bank ( ₹11 lakh crore), ICICI Bank ( ₹7.13 lakh crore), Infosys ( ₹6.87 lakh crore), Bharti Airtel ( ₹6.83 lakh crore), HUL ( ₹5.73 lakh crore), ITC ( ₹5.64 lakh crore) and SBI ( ₹5.59 lakh crore).
Reliance stock has risen 28 percent in the last 1 year and 12 percent in January, extending gains for the 3rd straight month. It advanced 8.7 percent in December 2023, and 3.9 percent in November 2023.
Meanwhile, the stock has added over 24 percent in three months. Shares of Reliance have also given positive returns every single year since 2015 and gained 11.5 percent in 2023.
In the long term, last three years, the stock soared 53 percent.
On January 19, billionaire Mukesh Ambani-led energy-to-telecom conglomerate Reliance Industries reported an 11 percent year-on-year (YoY) rise in net profit at ₹19,641 crore for the third quarter of FY24.
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 also rose 17 percent to ₹44,678 crore, driven by the retail and oil & gas segment.
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Published: 29 Jan 2024, 05:07 PM IST
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