RIL hits Rs 9 lakh crore m-cap, becomes most valued Indian company

Shares of Reliance Industries (RIL) touched a 52-week high of Rs 1,428, rising more than 2 percent ahead of their September quarter numbers to be announced late on October 18.

The company crossed the total market capitalisation of Rs 9 lakh crore and is now the most valued Indian company in terms of market cap.

RIL is expected to report a good set of earnings for the July-September quarter with gross refining margin rising 17 percent compared to the June quarter.

Most brokerages expect gross refining margin (GRM) at $9.5 a barrel for quarter ended September 2019, against $8.1 a barrel in Q1FY20.

Also Read - Refining, telecom biz may boost RIL Q2 earnings; GRM could increase to $9.5/bbl

The second company in term of market cap is Tata Consultancy Services (Rs 7,69,989.34 crore) followed by HDFC Bank (Rs 670,496.82 crore)

At 10:52 hrs RIL was quoting at Rs 1,423.65, up by Rs 27.50, or 1.97 percent on the BSE.

Disclaimer: Reliance Industries is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments