HDFC Bank is first lender to cross ₹5-lakh crore mark
Reliance Industries (RIL) become the first Indian company to cross the ₹6-lakh crore mark in market capitalisation as its shares touched a 52-week high of ₹974.5 following the announcement of robust Q3 profits on Friday.
RIL shares rose 4.5% to ₹971.2 valuing the company at ₹6,15,150 crore. RIL is owned 40% by its chairman Mukesh Ambani, making him the richest Indian with personal wealth of $40.7 billion and the 20th richest globally, according to Bloomberg’s billionaire index.
Out of 25 brokerages, 18 have revised their price target for RIL shares with an average target price of ₹1,031.
“Energy projects are driving upside surprises, telecom monetisation is accelerating, and capex intensity continues to fall. Oil in a sweet spot, leveraging counter cyclical downstream investments, and consolidation in telecom set the stage for surprises in 2018. Stay overweight,” said Morgan Stanley in a note to clients.
India’s largest software exporter, Tata Consultancy Services follows RIL with market capitalisation of ₹5,95,946 crore. The market cap of BSE listed firms stood at ₹1,55,48,572 crore at close of trade on Monday as the Sensex gained 286 points to close at a record high of 35,798.
HDFC Bank become the first bank to cross market capitalisation of ₹5 lakh crore on Friday. Its shares rose marginally to ₹1,963.8 on Monday before touching its 52-week high of ₹1,986, valuing the bank at ₹5,08,648 crore.