Reliance reclaims $100 billion market cap mark after 11 years Reliance Industries reclaimed the coveted 100 $billion m-cap on Thursday. The stock hit a lifetime high of Rs 1,090 apiece on BSE. At 11:55 am, shares of the company were trading at Rs 1,085.25 apiece. The m-cap figure stood at $99.92 billion. The oil and gas-to-telecom behemoth had first crossed the $100-billion market-cap mark in October 2007 when the rupee was at 39.5 to a dollar. In rupee terms, the company’s market capitalisation then stood at Rs 4.11 lakh crore.

NEW DELHI: Reliance Industries relived it glory as it reclaimed the coveted $100 billion m-cap on Thursday.The stock hit a life high of Rs 1,090 on the BSE, making the market valuation hit that magic mark. However, at 11:55 am, it stood at Rs 1,085.25, with the m-cap figure dropping slightly to $99.92 billion.The oil and gas-to-telecom behemoth had first crossed the $100-billion market-cap mark in October 2007 when the rupee was at 39.5 against the dollar. In rupee terms, the company’s market capitalisation then read Rs 4.11 lakh crore.Brokerage Jefferies has maintained 'underperform' rating on the stock with a target price of Rs 790. It says refining headwinds may offset another smart petrochemical performance in Q1. Retail may boost consolidated earnings enough to leave it 1 per cent higher QoQ at Rs 95.7 billion."We keep our Underperform noting that refining/petchem margins have weakened," it says.Recently, Credit Suisse intiated coverage on RIL with target price of Rs 1,180 per share. It sees significant potential in consumer businesses. It said Jio has the potential to create significant value. "Petcoke gasification should help growth in refining," the brokerage says.According to a note by Macquarie, middle distillate cracks could expand from $15 per barrel to $30 due to substantial demand pull from the shipping industry. As a result, the brokerage has raised its GRM assumption for RIL to $20 per barrel for FY21 from $12 previously.Sharekhan expects GRM of RIL to decline on a sequential basis to $10.5/bbl in Q1FY2019 (vs. $11/bbl in Q4FY2018). The same would get offset by strong performance of the petrochemicals segment, which is likely to benefit from higher volumes (on account of ramp up of the recently commissioned Refinery Off Gas Cracker and petchem expansion projects) and depreciation of rupee, it says. "Overall, we expect Q1FY2019 earnings of RIL to increase by 7.5 per cent YoY (+1.3 per cent QoQ) to Rs 8,811 crore," Sharekhan says.On April 23 this year, IT major TCS achieved the feat of becoming first Indian listed IT company to cross the $100 billion m-cap threshold.