Reliance Industries hits record high, market cap surpasses ₹19 lakh crore

Reliance Industries shares gained over 6% today, hitting a 52-week high of ₹2,886 per share. Meanwhile, the company's market capitalisation surpassed ₹ 19 lakh crore mark for the first time.

The gain in the Reliance Industries stock lifted the market sentiments as the stock contributed over 100 points to the NIFTY50 upside. Reliance Shares have given investors positive returns in the last three months. Since 1 November 2023, the stock is up over 24%.

Last week, the oil-to-retail conglomerate reported a consolidated net profit of ₹17,265 crore for the December quarter compared to ₹15,792 crore profit it reported during the same quarter last year. Meanwhile, its revenue stood at ₹2.25 lakh crore, higher than the ₹2.17 crore it reported during the year-ago quarter.

The company’s new-age businesses, like telecom and retail, continued their stellar outperformance, reporting record revenue and EBITDA during the quarter.