RIL is first Indian firm to hit Rs 10 lakh cr m-cap mark

Reliance Industries on Thursday became the first Indian company to hit the Rs 10 lakh crore market valuation mark following a spike in its share price.

At market close, the oil-to-telecom conglomerate's market capitalisation (m-cap) zoomed to Rs 10,01,555.42 crore on BSE.

The stock rose 0.65 per cent to close at Rs 1,579.95 on BSE. During the day, it jumped 0.90 per cent to an all-time high of Rs 1,584.

At the NSE, it gained 0.77 per cent to close at Rs 1,582.

"It was only a matter of time for business tycoon Mukesh Ambani's company to test this milestone, considering the past investments made in consumer-facing sectors like telecom and retail. These investments have yielded fruitful results for the company and has been consistently increasing their share in the overall profits," according to Ajit Mishra, VP Research, Religare Broking.

Since the past few sessions, the company's market valuation has been hovering near the Rs 10 lakh crore mark.

On the volume front, 2.73 lakh shares of the company were traded on the BSE and over 62 lakh shares on the NSE during the day.