RIL becomes first Indian company to cross Rs 21 lakh crore mcap

RIL becomes first Indian company to cross Rs 21 lakh crore mcap

Reliance Industries Ltd's market value has surpassed Rs 21 lakh crore following a more than 20 percent stock surge this year, becoming the first Indian company to reach this milestone.

At 10.30am, the stock rose 1.5 percent to hit a record Rs 3,129 a share.

The stock rose after Reliance Jio Infocomm Ltd announced new unlimited plans effective July 3. The new tariffs range from Rs189 for 2 GB/month to Rs3,599 for a 2.5 GB/day annual plan, with unlimited 5G data for plans of 2 GB/day and above.

On June 28, Jefferies raised Reliance's price target to Rs3,580 from Rs 3,380, indicating a 17 percent upside from Thursday's close, the highest target on the street. The brokerage maintained a 'Buy' rating, estimating Jio's revenue and profit to grow at an annual pace of 18 percent and 26 percent, respectively, from FY24 to FY27.

Morgan Stanley also maintained an 'Overweight' rating with a Rs 3,046 stock price target, noting the tariff hikes are in line with expectations, and it expects new energy cashflow streams by year-end. The investment bank expects no further tariff hikes until FY27 but said a 20 percent tariff increase next year could boost earnings by 10-15 percent.

Among 35 analysts covering Reliance, 28 recommend a 'Buy,' five say 'Hold,' and two advise 'Sell.'

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