Market capitalisation of Reliance Industries on Thursday touched Rs 8 lakh crore on the BSE. The stock also touched a fresh 52-week high of Rs 1,260.80.
The huge upmove in the stock has been visible especially after the company laid out big plans at its annual general meeting (AGM), including the launch of its fibre-to-the-home service, GigaFiber.
The stock surpassed m-cap of Rs 7 lakh crore on July 13, 2018. The company on July 12 crossed the $100-billion market capitalisation mark for the first time in the last 10 years. IT bellwether Tata Consultancy Services' market valuation had in May surged past Rs 7 lakh crore.
While having a Buy rating on the stock with a target price of Rs 1,424, Vineeta Sharma, Head of Research, Narnolia Financial Advisors said with all the verticals now performing well and the capex cycle nearing the end, Reliance is expected to derive 18 percent and 12 percent plus profit growth in FY19 and FY20.
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Source: https://www.moneycontrol.com/news/business/markets/ril-hits-market-capitalisation-of-rs-8-lakh-crore-stock-touches-fresh-record-high-2871991.html
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