Mukesh Ambani-owned Reliance Industries Ltd. has become India’s most valued company after its market capitalisation crossed Rs 5 lakh crore mark for the first time.
The stock gained 10 times in 11 sessions. It rose 12 percent in the past month, compared to the 3.4 percent advance in the S&P BSE Sensex Index.
The oil and gas major is only the second Indian company after Tata Consultancy Services Ltd. to have a market capitalisation above Rs 5 lakh crore.
Reliance Industries trades at 15.3 times trailing 12-month earnings per share and 18 times its estimates for the coming year, Bloomberg data showed. The stock was 6 percent above the Bloomberg consensus one-year target price. It returned 45 percent so far this year and a gain of 55 percent in the past 52-weeks.
RIL shares were trading 1.22 percent higher at Rs 1,552.45 on the NSE at 2:55 p.m.
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