Reliance becomes the most valuable company in India
Reliance Industries' shares soared to new heights today, driving its market capitalization past Rs. 20 lakh crore. It is now the most valued company in the Indian stock market. The company's shares surged by 3.4% in today's session to an all-time high of Rs. 2,949.90. Since its 52-week low of Rs. 2,012.14, which occurred on March 20, 2023, Reliance shares have gained 47%.
Emboldened by Reliance's gains, Nifty reaches new high
In fact, Reliance stock played a significant role in boosting the Sensex, contributing nearly 157 points to its gains today. The BSE Sensex is trading at 716 points, or 1% higher at 72,361. It's worth noting that the Reliance Industries' m-cap had recently crossed the Rs. 19 lakh crore milestone on January 29. Driven by the rally in Reliance shares, Nifty 50 index also soared 2% today and touched a new record high of 22,126.80 points.
Reliance growth fueled by retail, oil and gas sectors
On January 19, Reliance Industries announced an 11% year-on-year (YoY) increase in net profit, amounting to Rs. 19,641 crore for Q3 of FY24. The company's gross revenue rose by 3.2% YoY to Rs. 2,48,160 crore, fueled by the continued growth momentum in consumer businesses such as retail and oil & gas sectors. However, the oil-to-chemicals (O2C) division experienced a decline in revenue due to lower price realization.
