Reliance Industries, the country’s second-most valuable company, is being seen as the next likely candidate from India for the $100-billion market-cap club after Tata Consultancy Services.
The oil and gas-to-telecom behemoth had first crossed the $100-billion market-cap mark in October 2007 when the rupee was at 39.5 to a dollar. In rupee terms, the company’s market capitalisation then stood at Rs 4.11 lakh crore.
Reliance shares need to gain 11 per cent from the current levels (with the rupee at 66.48 against the dollar) for the company’s market value to revisit the $100-billion mark. Its market cap as of close on Monday stood at Rs 5.9 lakh crore, or $89.1 billion. The stock ended up 0.8 per cent at Rs 935.15 on Monday. Read More