The market valuation of Reliance Industries today briefly surged past Rs 7 lakh crore mark, making it the second company after TCS to achieve this milestone. RIL's market capitalisation (m-cap) rose to Rs 7,01,404 crore (over USD 102 billion) in early trade on BSE.
The m-cap has been calculated at the stock's 52-week high price of Rs 1,107.25 and for the morning exchange rate of Rs 68.32 against the US dollar.
At the close of trade, however, the m-cap slipped below the Rs 7 lakh crore-mark and stood at Rs 6,94,944.56 crore.
Shares of the company ended 1.34 per cent higher at Rs 1,096.75 on BSE. During the day, it jumped 2.31 per cent to Rs 1,107.25.
Reliance Industries yesterday crossed the USD 100-billion market capitalisation mark for the first time in the last 10 years.
Earlier, Reliance Industries had breached this mark in intra-day trade on October 18, 2007. The US dollar was quoted at Rs 39.59 at that time.
The market valuation of RIL had crossed the Rs 6 lakh crore mark in November last year.
The company announced aggressive business plan at its annual general meeting (AGM) held last week. The stock has been on an uptrend ever since and has gained nearly 14 per cent since July 5.
IT bellwether Tata Consultancy Services' market valuation had in May surged past Rs 7 lakh crore.
TCS is the country's most valued firm with a market cap of Rs 7,58,536.46 crore followed by RIL, HDFC Bank (Rs 5,67,888.71 crore), HUL (Rs 3,77,512.14 crore) and ITC (Rs 3,30,088.43 crore) in the top five order.