World’s 42nd most valuable firm – The market valuation of Mukesh Ambani-led Reliance Industries Limited jumped to a record $191 billion or $232 billion on Tuesday. The company’s shares rose nearly 1% from a record high of 2,820.45 rupees on Tuesday on the NSE market. Shares hit an intraday high of Rs 2,837.45. With this market valuation, Reliance Industries now ranks his 42nd most valuable company in the world, ahead of the likes of Toyota, McDonald’s, AstraZeneca, Cisco and Shell.
Additionally, RIL remains the only Indian company with a market capitalization above his $200 billion. The conglomerate is now Asia’s eighth most valuable company, behind Saudi Aramco in Saudi Arabia, TSMC in Taiwan, Tencent in China, Maotai in Guizhou, Alibaba, Samsung in South Korea and the international holding company in the United Arab Emirates.
Reliance’s valuation has surged ahead of Friday’s quarterly results and the spin-off of Jio Financial Services, the company’s financial services arm, which has a reporting date of July 20, 2023. Earlier, Reliance’s share price hit an intraday high of Rs 2856.15 on 29 April 2022.
World’s 42nd most valuable firm
RIL announced July 20 as the effective date for the demerger of Reliance Strategic Investments Limited and its name change to Jio Financial Services (JFS).
According to the NSE methodology, the split company JFS will be included in indices such as Nifty on the same day. A Reliance Industries shareholder holding shares in the company as of July 20 is eligible to receive his JFS shares in year one.
Axis Securities advised investors to ‘buy’ shares in Reliance before the deadline, believing it would be a more economical way to buy Geo Financial Services, which is expected to trade at Rs 160 per share. Nuvama values his JFS at Rs 168 per share.