New Delhi, July 13 - Neftegaz.RU. Shares of Indian Reliance Industries Ltd jumped sharply on July 12, helping its market capitalisation touch $100 billion.
The rally in Reliance Industries stock started after its 41st annual general meeting that took place on July 5. Chairman Mukesh Ambani said there that RIL aims to double sales in about seven years, even as the company explores ways to boost profitability of its mainstay refinery and chemicals businesses.
«As India starts on its high-growth journey to double the size of its economy by 2025, I assure you that the size of Reliance will more than double in the same period,» Ambani told shareholders.
Deepak Jasani, Head, Retail Research at HDFC Securities said, «Rallying 14.5% over the past 5 days, Reliance Industries became the 2nd Indian company (after IT major Tata Consultancy Services, TCS) to touch $100 billion marketcap on July 12, 2018». The oil and gas-to-telecom behemoth had 1st crossed the $100-billion market-cap mark in October 2007.