RIL becomes world's 42nd most valuable firm as market cap crosses $232 billion

Mukesh Ambani-led Reliance Industries Limited's market valuation jumped to an all-time high of Rs 19.1 lakh crore or $232 billion on Tuesday. The company's shares closed at its all-time high of Rs 2,820.45 on Tuesday on NSE, with a nearly one per cent gain. The shares had touched an intra-day high of Rs 2,837.45. At this market valuation, Reliance Industries is now the world's 42nd most valuable firm ahead of the likes of Toyota, McDonald, AstraZeneca, Cisco, and Shell. 

Also, RIL remains the only Indian company to have ever crossed the milestone of $200 billion market capitalisation. The conglomerate is now Asia's eighth most valuable company behind Saudi Aramco of Saudi Arabia, TSMC of Taiwan, Tencent, Kweichou Moutai and Alibaba from China, Samsung of South Korea, and the International Holding Company of UAE.

Reliance's valuation has shot up ahead of its quarterly results on Friday and demerger of its financial services arm – Jio Financial Services, for which the record date is July 20, 2023. Previously, Reliance's share price had reached an intra-day all-time high of Rs 2856.15 on April 29, 2022. 

RIL has announced July 20 as the record date for the demerger of its Reliance Strategic Investments Limited, which will be renamed Jio Financial Services (JFS).

The demerged entity JFS will be added to the Nifty and other indices on the same day, as per NSE methodology. Reliance Industries' shareholders, who would be holding the company's shares as on July 20, would be eligible to receive shares of JFS in the 1:1 ratio.

Axis Securities recommended investors to 'buy' Reliance's shares before the record date as it believes it to be a more economical way to buy Jio Financial  Services, which is likely to list at Rs 160 per share. Nuvama estimates a value of Rs 168 per share for JFS.