Agencies
Mumbai :Reliance Industries Ltd. is back in the $100 billion club, a journey that has taken more than a decade.
Shares for the Mukesh Ambani-helmed company jumped by 5.8% on Thursday, sending the market value to Rs 6.9 trillion. Reliance is the second Indian corporate after Tata Consultancy Services to surpass the $100 billion value mark since April.
“It is a big deal,” said Sunil Sharma, who oversees $1 billion of assets as chief investment officer at Sanctum Wealth Management Pvt. in Mumbai. “Indian companies sporting large market caps is an announcement of the nation’s emergence and entry into the big leagues.”
Reliance is on the cusp of transformation as it hopes to get as much as half of its revenue from newer consumer businesses and reducing its dependence on traditional oil-refining and petrochemical segments.
Ambani, while addressing shareholders earlier this month, laid out an ambitious e-commerce road map that would draw on group’s retail and telecom units to take on the likes on Amazon.com Inc. and Walmart Inc.
“Big Indian companies are demonstrating bigger innovation and ambition, precisely what is needed to take on the large US players,” Sharma said.
(Except for the headline, this story has not been edited by The Kashmir Monitor staff and is published from a syndicated feed.)
