RIL market cap hits Rs 21 lakh crore milestone as target prices rise on Jio tariff hikes

Shares of Mukesh Ambani-owned Reliance Industries (RIL) today became the first Indian company to cross the Rs 21 lakh crore market capitalization milestone as its stock jumped over 2% to hit new record high of Rs 3,129.85 on NSE after Jio raised the pricing of its prepaid and postpaid plans. Global brokerages like Morgan Stanley and Jefferies see upside potential of up to 15% in Reliance’s stock as they are positive on the company’s future outlook following the update.

The tariff hikes were largely in line with the market’s expectations. However, Jio taking the lead in raising tariffs and shifting focus to improving returns on investments, is a sentimental positive, according to the brokerages.