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Reliance Industries Ltd (RIL) became the first Indian company to cross the $250 billion mark in market capitalisation on Thursday.

The RIL stock gained by as much as Rs 56.6 or two percent to hit a record high of Rs 2,834.5 on BSE. This is yet another milestone for RIL shares, which have hit a series of unprecedented levels in the recent past.

Reliance Industries vs Tata Consultancy Services market cap

The market cap gap between two of India’s most valued companies -- Reliance Industries and Tata Consultancy Services (TCS) -- has widened further in the last four months.

Reliance saw an increase of nearly $20 billion in 2022, but TCS saw a decline of almost $20 billion.

Reliance Industries has a weightage of 11.9 percent in the 50-scrip benchmark Nifty index, and TCS holds 5.1 percent.

What's driving the RIL stock higher?

Market expert Deven Choksey of KRChoksey told CNBC-TV18 that in his view, the April-June period will be marked with "a very high jump as far as a business is concerned" for Reliance Industries.

He expects the oil-to-telecom conglomerate to continue to enjoy a significantly high gross revenue margin (GRM) -- a key metric for oil companies.

"This one business is going to be driving the entire growth and the perceptions in the price as far as stock is concerned. Of course, other businesses like Jio and Retail are working on high efficiency and getting better contributions going forward... Maybe one important aspect which could get reflected somewhere down the line could be some corporate announcements coming up particularly in the renewable material side that the company is doing,” he said.

Citi recently raised its EBITDA estimate for Reliance by 3-9 percent in the financial years ending March 2023 and March 2024, and raised its target price for the stock to Rs 3,170 from Rs 2,750.

#OnCNBCTV18 | Citi has raised Reliance's FY23-24 EBITDA estimate by 3-9% and has raised the target to `3,170 from `2,750. @sonalbhutra gets the details. pic.twitter.com/DWcc74m4yi

— CNBC-TV18 (@CNBCTV18News) April 26, 2022