The price of Reliance Industries Ltd (RIL) shares touched a record Rs 2,958 in the Sensex graph around 11.15 am on Tuesday, making it the first company in the country to reach the Rs 20 lakh crore milestone in market valuation.
The Mukesh Ambani-backed company reached the Rs 15 lakh crore in September 2021 when the market began to resurge post-Covid up from its Rs 10 lakh crore market valuation in November 2019, months before the pandemic lockdown.
The latest rally comes amid reports that RIL is mulling to merge its Jio Cinema with Disney+ Hotstar this month.
If the merger comes to fruition, Reliance will own 51 per cent of the company that will be India's largest entertainment business. Walt Disney will own the remaining 49 per cent. The deal will also see both companies raising $1.5 billion.
RIL is followed by TCS with a market cap of Rs 14.94 lakh crore, HDFC Bank with Rs 10.58 lakh crore, ICICI Bank with 7.17 lakh crore, Infosys with Rs 6.93 lakh crore, Bharti Airtel with Rs 6.55 lakh crore, LIC with 6.37 lakh crore, SBI with 6.36 lakh crore, , Hindustan Unilever with Rs 5.62 lakh crore and ITC with Rs 5.07 lakh crore, as of 1.30 pm on Tuesday.
