The market valuation of Reliance Industries today surged past Rs 7 lakh crore mark in the morning trade, making it the second company after TCS to achieve this milestone.
BSE Sensex hit a fresh record high of 36,740 points in the morning session, but eventually trimmed major gains to trade marginally higher during the afternoon session.
Bombay Stock Exchange MD and CEO Ashishkumar Chauhan today emphasised the importance of supporting SMEs and startups despite risk in raising funds for them as some have the potential of becoming giant firms like Infosys and Reliance Industries.
Shares of Reliance Industries rose 3 per cent today after a Reliance-BP joint venture bid for licence to retail gas in 15 cities, making its maiden foray in city gas distribution.
At 12.15 p.m., the broader Nifty50 of the National Stock Exchange (NSE) traded at 10,928.25 points -- higher by 75.35 points or 0.69 per cent.
Sensex surged by around 277 points to close at more than five-month high of 35,934.72 on heavy buying in energy, capital goods, power and banking stocks following positive leads from global markets.
Indian shares rose, tracking gains in Asian peers after favourable U.S. jobs data boosted risk appetite, with heavyweights Reliance Industries Ltd and ICICI Bank Ltd driving the indexes higher.
Shareholders of Reliance Industries have approved giving Mukesh Ambani another five years as the Chairman and Managing Director of the company.
Shares of Reliance Industries fell by nearly 3 per cent on a day when Mukesh Ambani announced new offerings at the company's annual general meeting.
Reliance Brands has acquired 12.5 per cent stake in luxury apparel firm Future101 Design for Rs 9.50 crore.