RIL's market-cap re-enters $100-bn mark; shares hit 52 week high
Mumbai, July 12 : Supported by a surge in share prices, stocks of Reliance Industries hit $100-billion market capitalisation (m-cap) mark on Thursday, for the second time after first reaching the landmark level on October 18, 2007.
At closing, the company's m-cap stood at Rs 685,725.09 crore or $99.98 billion.
The share price of the company on the BSE Sensex surged to a 52-week high of Rs 1,098.80 per share ealier in the day, before settling at Rs 1,082.20, up 45.85 points or 4.42 per cent from its previous close.
"Rallying 14.5 per cent over the past five days, Reliance Industries became the second Indian company (after Tata Consultancy Services) to touch $100 billion market-cap on July 12, 2018," said Deepak Jasani, Head of Retail Research of HDFC Securities.
He further said: "Investors seemed to be enthused by the vision pronounced by the Chairman at the AGM (annual general meeting) of a strategic move to a technology platform company with three key verticals of mobile connectivity, fiber connectivity and new commerce platform for the retail business, even as the traditional businesses of energy and petrochemicals continue to perform quite well."
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MCC violation: Karnataka HC grants interim relief to DK Shivakumar
Bengaluru: The Karnataka High Court has granted interim relief to Deputy Chief Minister D K Shivakumar, facing charges of model code violation during the campaign for the Lok Sabha elections.
Justice Krishna S Dixit directed the authorities concerned to refrain from taking further action against him until the next hearing, on his petition challenging the FIR registered against him.
The case was registered on April 19 following a complaint by the BJP to the Election Commission of India alleging that Shivakumar, who is also Congress state president, attempted to blackmail voters. The BJP claimed that during an election speech at Rajarajeshwari Nagar, while campaigning for his brother and LS candidate D K Suresh, Shivakumar promised voters Cauvery water supply and occupancy certificates in exchange for votes for the Congress.
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Expressing reservations, the Court questioned whether the remarks attributed to Shivakumar would constitute offences under Sections 171B (bribery) and 171C (undue influence at elections) of the Indian Penal Code (IPC). The judge emphasised the need for deeper consideration of the matter and sought to know whether Shivakumar's statements strictly meet the parameters of the charged sections.
However, the Court asked Shivakumar's counsel to advise his client to be more cautious in his speeches. Additionally, it raised concerns regarding the time given to Shivakumar by the EC to respond to a notice served on him. Granting interim relief to Shivakumar, the Court expressed dismay over the declining standards of election speeches and noted that the quality, content, and presentation have fallen "abysmally low."
Justice Dixit remarked that it was uncertain if such standards could deteriorate further. The Court recorded an assurance from Shivakumar's counsel that the Congress leader had been advised to exercise caution over his remarks.
