Ahead of financial results and AGM, Reliance Industries' market cap crosses Rs 5 lakh crore
The market capitalisation of Reliance Industries on Monday crossed Rs 5 lakh crore as the shares of the company hit 52-week high.
Shares of Reliance Industries closed at Rs 1549 per piece, up 1.33% or Rs 20.30 on BSE. The company will be announcing Q1FY18 results on July 20, 2017 and will hold its annual general meeting A(GM) on July 21, 2017.
The company's market cap at the end of intraday trade was 5,04,458.09 crore.
Reportedly, Mukesh Ambani led RIL is the second Indian company to cross Rs 5 trillion market cap after IT-major, Tata Consultancy Services (TCS).
Moreover, the company may announce the launch of its home broadband services called JioFiber.
If media reports to be believed, the company has decided to offer its broadband services for free for the first three months.
Also, with RIL's shares crossing Rs 1500-mark, research firm Morgan Stanley's outlook has come true.
In February, Morgan Stanley in a report titled 'An Idiosyncratic Energy Play', RIL's energy earnings should exceed market expectations as investors begin to appreciate its leverage to an upcycle. In the report, it had set a new price target of Rs 1506 per share.