Reliance Market Cap Crosses ₹21 Lakh Crore, First Indian Company to Achieve This
Reliance Market Cap Crosses ₹21 Lakh Crore, First Indian Company to Achieve This
On Friday morning, Reliance shares saw a significant rise after its telecom division, Jio, announced an increase in the prices of its plans.
What Happened: The shares of Reliance jumped over 2%, reaching a new record high of ₹3,129.85. This surge pushed the company’s market value past ₹21 lakh crore.
Reliance had previously crossed the ₹20 lakh crore mark in February. With this new milestone, it has become the 40th largest company globally by market capitalization, surpassing companies like Adobe, Accenture, and Wells Fargo.
Jio revealed that it would be raising the prices for all its plans starting from July 3. The new unlimited 5G plans will be available for all plans offering 2 gigabytes per day or more. On average, the prices of all plans have been increased by 20%.
On Thursday, Indian stock markets were performing well, with the Sensex rising by 0.46% to reach 79,609.99 points, and the Nifty going up by 0.49% to 24,163 points. At the time of writing, 35 out of the 50 stocks in the Nifty 50 index were gaining, while 15 were losing.
Among the top gainers on the Nifty were Reliance Industries, SBI, NTPC, and ONGC.
Price Action: Shortly after the market opened on Friday, Reliance’s share price was up by 1.53%, trading at ₹3,108.
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