Mukesh Ambani-led Reliance Industries Limited (RIL) become the first Indian company to cross the ₹9 lakh crore of market capitalization, ahead of its results announcement on Friday. Shares of RIL were trading up 1.76% at ₹1,420.75 in a firm Mumbai market on Friday noon, valuing the firm at ₹9,00,666 crore, anticipating a double digit growth in profitability. Brokerages expect RIL to post over 15% growth in profitability due to superior refining margins and corporate tax rate cut announced by the government. Analysts expect refining to offset weakness in petrochemicals and a lower tax rate benefit for the retail and telecom businesses. RIL can become India's first company to hit $200 billion market capitalization in the next 24 months on the back of its new commerce venture and fixed broadband business, Bank of America Merrill Lynch said on Wednesday. Tata Consultancy Services (TCS) is India's second most valued firm after RIL with market capitalization of ₹7,69,483 crore as its shares were trading up 1% at ₹2050.70.
