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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Ready to face no-confidence motion, says Karnataka CM Siddaramaiah
Hassan (Karnataka) (PTI): Karnataka Chief Minister Siddaramaiah on Saturday said that the Congress government led by him was ready to face the no-confidence motion if moved by the opposition during the legislature session from December 8.
With Deputy CM D K Shivakumar by his side, he reiterated that they would both abide by the high command's decision on the leadership issue.
"Let them (opposition) bring in a no-confidence motion or adjournment motion or any other motion. We are ready to face it. Ours is an open book, transparent government. We are ready to face anything," Siddaramaiah said in response to a question.
However, BJP state President B Y Vijayendra and Leader of Opposition in the Legislative Assembly R Ashoka, clarified that the party, along with the JD(S) has not discussed or decided anything so far regarding moving a no-confidence motion against the government.
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The winter session of the Karnataka legislature will begin in Belagavi, bordering Maharashtra, on December 8 and will go on till 19th of this month.
Not wanting to react to a question on the leadership issue, the CM said the Congress high command is very strong.
"D K Shivakumar and I will be committed to whatever the high command decides," he said.
Earlier in the day in Bengaluru, Shivakumar accompanied AICC Mallikarjun Kharge till airport from Vidhana Soudha, after paying tributes to B R Ambedkar on his 69th death anniversary, which had led to some speculation about possible discussion between the two on the leadership issue.
The power tussle within the ruling party had intensified amid speculation about a change in chief minister in the state, after the Congress government reached the halfway mark of its five-year term on November 20.
However, both the CM and Deputy CM had recently held breakfast meetings at each others residences, on the instructions of the high command, which is seen as a move to pause the leadership tussle between the two and to signal Siddaramaiah's continuation as the CM for the time being, especially ahead of the Belagavi legislature session.
