Reliance Industries adds yet another feather in its cap; see how

Mukesh Ambani-owned Reliance Industries is adding one record after another to its credit. Just yesterday, the energy-to-telecom behemoth became a $100 billion dollar company, and today it crossed the Rs 7 lakh crore market capitalisation for the first time ever. Needless to say, RIL share price is trading at record high levels. 

Reliance Industries stock rallied as much as 2.31 per cent to Rs 1107.25, its lifetime high mark. The RIL scrip has added over 12 per cent in just a week and 19 per cent on a year-to-date basis. The stock is up a whopping 44 per cent in last one year. By comparison, Sensex gained just 14 per cent. 

The recent surge in the share price came after Mukesh Ambani, Chairman and Managing Director, RIL launched ultra high speed fixed line broadband services for homes and enterprises under the brand of JioGigaFiber in RIL's Annual General Body Meeting (AGM) held on July 5, 2018.

“RIL expects JioGigaFiber to be a large scale launch (trials are ongoing across multiple cities) and overall it is likely to be a bundled offering, across broadband and set top box for television. There are no details yet on pricing, though in our view given Jio’s customer acquisition strategy, launch pricing should effectively be at a large discount to current broadband and set top box pricing prevalent," said global brokerage JP Morgan in a research note. 

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Reliance Jio expects to launch the Jio GigaFiber across 1100 cities. Ambani mentioned that the targeted base for Jio GIGA Homes is 50 million. 

On Thursday, Reliance Industries entered the $100 billion market-cap club for the first time in a decade. RIL had first crossed the $100-billion market value in October 2007 when the rupee was at 39.5 to a dollar.