Reliance Industries hit a fresh record high and Rs 20 lakh-crore market capitalisation mark in intraday trade. However, the stock pared gains and closed 0.9% higher at Rs 2,928. In the last two weeks alone, the stock s market value has gone up by Rs 1 lakh crore as the Rs 19 lakh-crore level was touched on January 29.
In the December quarter, RILs consolidated EBITDA is expected to decline by 2% on-quarter to Rs 39,997 crore due to weak refining & petchem margins which would offset decent performance from retail and Jio.
The investment values the subsidiary of Reliance Industries Ltd at a pre-money equity value of Rs 8.38 lakh crore, making Reliance Retail among the top four companies by equity value in the country
"This high price is a reflection of the markets assessment of Jio Financials potential. The wide reach of JFSL through RILs other business segments like Reliance Retail has the potential to grow the company at a fast pace for many years to come. The market is discounting this potential," said Dr. V K Vijayakumar of Geojit Financial