RIL becomes India's first $150 bn company.

RIL becomes India's first $150 bn company; stock price doubles in 59 sessions.

The company earlier today announced that it has now become net debt-free.

RIL's market cap is more than that of Total SA, Royal Dutch Shell, BP but lower than Exxon Mobil, Chevron and the most valued energy company Saudi Aramco.

With a sharp jump in Friday's session, the oil-to-telecom behemoth Reliance Industries became the first Indian company to be valued at $150 billion. In rupee terms, it also became the first company to be valued at over Rs 11 lakh crore.

Reliance Industries is among the most valued energy companies in the world. Its market cap is more than that of Total SA, Royal Dutch Shell, BP but lower than Exxon Mobil, Chevron and the most valued energy company Saudi Aramco. It took 59 sessions for RIL to double investors’ money amid the ongoing recovery in the domestic equity market. Shares of the company rallied to its all-time high of Rs 1,738.95 on June 19 from its panic low of Rs 867.82, scaled on March 23.

Shares of the company hogged the limelight in Friday’s trade after the company announced that it has now become net debt-free. The company has managed to raise a record Rs 1.69 lakh crore from global investors and a rights issue in under two months.

Source - Economic Times