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Reliance shares hit all-time high; m-cap crosses ₹20-lakh mark

Upstox
By Upstox News Desk

2 min read | Updated on June 03, 2024, 15:26 IST

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SUMMARY

The rise in Reliance stock price comes in the backdrop of exit polls predicting a clear win for the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA), and the country’s Q4 GDP rising higher-than-estimated at 7.8%.

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RELIANCE
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RIL rose as much as 5.7 per cent to hit a record high of ₹3,025

Shares of Mukesh Ambani-led Reliance Industries Ltd surged more than 5% on Monday June 3, to hit an all-time high on Monday, June 3, outshining the previous high of ₹3,024.9 clocked on March 4.

The stock rose as much as 5.7% to hit a record high of ₹3,025 on the National Stock Exchange (NSE). The total market capitalisation of the company also crossed the ₹20 lakh crore-mark.

The scrip was up 5.6% at ₹3,019.6 on the BSE.

Shares of Reliance are currently contributing 119 points to the 700-plus points gain on the NIFTY50 index.

Also Read: India VIX crashes 20% on Monday after exit polls: Here’s what happened to option prices

The rise in Reliance stock price comes in the backdrop of exit polls predicting a clear win for the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) and robust GDP growth numbers.

A poll of exit polls forecasts that the NDA could win around 366 seats, which is 94 seats higher than the 272-majority mark. The BJP also could get close to 310 seats, exit polls suggested.

Besides this, the Indian economy grew at 7.8% on an annual basis in the March 2024 quarter, according to data from the Ministry of Statistics and Programme Implementation (MSPI) released on Friday, May 31.

Also Read: IPOs this week: Three new public issues, six listings scheduled; check list

The GDP growth for the entire financial year 2023-24 stood at 8.2%.

SIP
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About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.