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

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This isn’t the first time that the company has crossed this threshold. Earlier, the oil and gas-to-telecom behemoth had achieved the same in October 2007.

However, the factor that plays a significant role here is the domestic currency. In 2007, the rupee was at 39.5 against the US dollar. Therefore, $100 billion was valued at Rs 4 lakh crore in 2007, while today it is valued at Rs 6.8 lakh crore.

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."

In April this year, TCS saw its market capitalisation hit a historic $100 billion, becoming the first Indian company to touch this milestone in a decade.

Tulsian 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.

TCS and RIL's combined market cap stands at a whopping 14.5 lakh crore, which 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.

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

First Published:Jul 12, 2018 3:23 PM IST