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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Karnataka's Bill against Hate Speeches conspiracy against Hindutva activists: Pramod Muthalik
Davanagere: Sri Rama Sene national president Pramod Muthalik has accused the state government of using the proposed Hate Speech and Hate Crimes (Prevention) Bill to target Hindus and to suppress Hindutva organisations and their leaders.
Speaking at a press conference on Saturday, Muthalik said the Sene opposes the Bill. According to him, the government is bringing this legislation only to appease Muslim voters while selectively targeting Hindu voices.
He questioned whether it is wrong to speak against cow slaughter when the ban is already in force but violations still occur in many places. “Is it wrong to raise awareness among Hindus about love jihad? Is it wrong to oppose illegal construction of churches, mosques or encroachments on cremation grounds? Is objecting to religious conversions wrong?” he asked.
Muthalik alleged that the Bill attempts to silence anyone who questions or protests such issues. He said the move goes against the spirit of the Constitution framed by Dr B.R. Ambedkar and is aimed at weakening the Hindu community.
He urged BJP and JD(S) MLAs to strongly oppose the Bill in the upcoming session and ensure it does not get passed. The organisation will submit memorandums to all legislators and mount pressure, he added.
During the press meet, Muthalik tore copies of the Bill in protest. Leaders of Sri Rama Sene including Parashuram Nadavinamani, Yashavanth, Sridhar and Madhu were present.
