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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AIMPLB criticises JPC's approach on Waqf Amendment Bill, calls for adherence to guidelines
New Delhi: The All India Muslim Personal Law Board (AIMPLB) has raised serious concerns over alleged procedural violations by the Joint Parliamentary Committee (JPC) reviewing the Waqf Amendment Bill 2024. AIMPLB spokesperson Dr. SQR Ilyas criticised the JPC's approach, describing it as a "transgression of principles" and a breach of constitutional norms.
Dr. Ilyas stated that the JPC should limit consultations to stakeholders directly associated with Waqf matters. However, he claimed the committee is seeking input from organisations that lack relevance, including Central Ministries, the Archaeological Survey of India (ASI), and groups aligned with the RSS.
In recent developments, six opposition members wrote to the Lok Sabha Speaker, expressing dissatisfaction with JPC Chairperson Jagdambika Pal’s conduct, which they allege has hindered fair discussions. This follows an earlier letter by opposition members condemning the chairman's behaviour.
The AIMPLB has demanded that the committee consider objections from AIMPLB and other recognised Muslim organisations, while excluding entities unrelated to Waqf issues. It also urged the JPC to refrain from rushing its report and to follow due process, ensuring thorough debate among members before submission.
