Mukesh Ambani-led conglomerate Reliance Industries Limited became the first Indian company to touch Rs 6 lakh crore in market capitalisation after its shares hit a new lifetime high on Thursday, reported Mint. The stock price has risen over two times in the last one year, and touched Rs 958 on Thursday.
Shares of the company later dropped, and ended the day at Rs 947 on the BSE, with a market capitalisation a little short of Rs 6 lakh crore.
The recent rise in its stock price has come after the company’s telecom arm, Reliance Jio, increased its tariff. The stock has added nearly Rs 3 lakh crore in market capitalisation since April, when Reliance Jio started charging its customers, according to The Hindu.
On October 13, the company had reported a 12.8%-rise in its net profit for the July-September quarter, compared to the same period in 2016. The net profit was Rs 8,097 crore during the quarter.
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