The Mukesh Ambani-led Reliance Industries Ltd (RIL) became the first company to cross the market capitalisation of Rs 9 lakh crore after its share rose to a 52-week high of Rs 1,428.
The surge in market capitalisation and share prices comes ahead of the company's second-quarter results which is yet to be announced later in the day. The shares have surged by 26 per cent since January,
At 11.50 am, the shares of RIL were trading at Rs 1,420, higher by Rs 23.85 or 1.71 per cent from the previous close of Rs 1,396.15. Reliance Industries' market value stood at Rs 9,00,158.87 crore at the time.
The surge in the share price has taken Ambani's net worth more than $54.3 billion, according to the Bloomberg Billionaires Index.
Tata Consultancy Service Ltd trails at the second place by market capitalisation.
A few days back, Reliance Jio said that it would charge its customers 6 paise per minute for calls made to other networks till the telecom sector regulator TRAI moves to a zero termination-charge regime.
The step is seen as Jio's response to account for the termination charges it pays its rivals Bharti Airtel and Vodafone Idea. Lately, Jio and other telcos have been engaged in a war over interconnect usage charges (IUC).
(With agency inputs)
