Reliance Industries: First Indian company to cross 8 lakh crore market capitalisation

Reliance Industries (RIL), on Thursday, achieved the unique feat of becoming the first company from India to surpass Rs 8 lakh crore market capitalisation, reported the Press Trust of India.

An increase of 1.72% in the shares owned by the RIL in the afternoon trade on the Bombay Stock Exchange (BSE),  saw the price reach a record high of RS 1,268 per scrip.

After this gain, the market valuation of the company shot up to Rs 8,04,247.76 crore in the afternoon trade.

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It was just the 13th of last month that the market valuation of RIL surpassed the Rs 7 lakh crore mark which made it the second company after Tata Consultancy Services (TCS) to reach the landmark.

Assets worth Rs 20 billion sold

On Thursday, Reliance Communications Ltd made it known that it has sold to Reliance Jio Infocomm its media convergence nodes (MCNs) and other related infrastructural assets which is worth Rs 20 billion ($285.4 million).

They revealed that about 248 MCNs, which covered around 5 million sq.ft  of area used to host telecom infrastructure were sold to Reliance Jio.

Earlier this year in May, Reliance Communications said that it is within their expectations to sell assets amounting to Rs 181 billion ($2.58 billion) to Reliance Jio and Brookfield-from Canada after proceedings of insolvency towards them were stopped by the bankruptcy appeals court.