Reliance Industries, the country’s second most valuable company, on Thursday crossed the $100-billion market cap (Rs 6.86 lakh crore), joining the Tata Consultancy Services in the elite club.

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The oil and gas-to-telecom behemoth had first crossed the $100 billion market cap in October 2007.

In fact, TCS and RIL combined market cap stands at a whopping 14.5 lakh crore, which, in turn, is equal to the market cap of as many as 23 Nifty companies put together.

The TCS-RIL market cap equals the combined market cap of companies such as UPL, Dr Reddy's, Lupin, HPCL, India Bulls Housing Finance, Hindalco, Cipla, Zee Entertainment, Tata Steel, Bharti Infratel, Tech Mahindra, Grasim, Hero MotoCorp, Titan, Eicher Motors and several others.

At 11.56 am, Reliance Industries shares were trading at Rs 1,084.50, adding Rs 48.15, or 4.65 percent higher. Reliance Industries had posted a net profit of Rs 8,697 crore in the quarter ended in March 2018. In the December quarter, RIL had posted its highest ever quarterly consolidated net profit of Rs 9,423 crore, up 25.1 per cent from a year ago.

Calling it a landmark move, SP Tulsian of sptulsian.com said, “This is the second company after Tata Consultancy Services (TCS) ... I have been keeping extremely positive view on the stock. Continuously I have been giving the buy call on the stock."

Further, he expects the Reliance Industries to touch Rs 10 lakh crore market cap in the next 30 months on the back of growth in Jio and Retail.

“I am banking on the growth of Reliance Jio and Reliance Retail, increase in the margins of Reliance petchem because of combining it with the Reliance refinery,” he added.

The BSE Sensex touched all-time high of 36699.53 on Thursday, led by Reliance and well-supported by gains in oil, bank and other midcaps.

The Sensex surged over 429 points, or 1.18 percent higher to 36,695.44 at 12.04 pm, while the Nifty was trading at 11,073.05, adding 125 points, or rising by 1.14 percent.

Apart from RIL, major Sensex gainers include Yes Bank (3.14 percent), L&T (1.92 percent), HUL (1.92 percent), SBI (1.91 percent), IndusInd Bank (1.77 percent). HDFC, Coal India, Sun Pharma, Tata Steel , HDFC Bank, ICICI Bank, gained between 1-1.5 percent.

Sensex laggards included Infosys (1.77 percent), M&M (1.03 percent), while Adani Ports, Power Grid, TCS also declined about half a percent.

On the NSE, as many as 34 scrips advanced against 15 declines, while one stock remain unchanged. Except IT and Media, all sectoral indices were trading in the positive zone on the NSE. PSU Bank gained the most at 1.75 percent, while Metal, Pharma, Pvt Bank, Bank, Fin Service also gained over a percent.

Disclosure: RIL, the promoter of Reliance Jio, also controls Network18, the parent company of CNBCTV18.com.

First Published:Jul 12, 2018 1:14 PM IST