Reliance Comm hits $20bn market cap

 

MUMBAI: Anil Ambani’s flagship company, Reliance Communications, hit the high notes on Friday, becoming only the sixth Indian company with a market capitalisation of more than $20 billion. The telecom services major, which has been in overdrive ever since its creation last year after the carve-up of the Reliance empire between Mukesh and Anil, has seen its stock prices rise relentlessly since May this year, when it hit a low of Rs 186.40.

 

On Friday, the Reliance Comm scrip touched a peak of Rs 446.90 per share, before ending the day at Rs 442.05, gaining 3.03%, or Rs 13, from its Thursday’s close of Rs 429.05.

 

News flows, such as the hiving off of its towers and cell sites into a separate company, the wooing of strategic financial investors, and the company’s impending expansion in GSM mobile telephony on a national scale, are some of the triggers seen in the stock.

 

It has been a consistent performer in the bourses ever since its listing. Except for a brief slump in May, it has outperformed the market, adding on an average wealth of $75 million (Rs 335.25 crore) every day in the 269 days since listing. It is now among the top seven heavyweights in terms of market capitalisation, crossing Wipro recently.