Reliance Industries overtakes ExxonMobil to Becomes World’s 2nd Most Valuable Energy Firm

Reliance Industries (RIL) has become the second most valuable energy company in the world, overtaking American oil giant ExxonMobil.

Reliance Industries has overtaken ExxonMobil to become the world’s second most valuable energy company after its market capitalisation scaled to a record high of over Rs 14 lakh crore. The oil-to-telecom conglomerate is now ranked 46th globally on market cap, according to stock market data. On Thursday, Reliance was ranked 48th and was behind ExxonMobil. Its share price on Friday scaled an all-time high of Rs 2,163 before settling at Rs 2,146.20, taking the company to 46th position.

The RIL scrip continued its rally on Friday, notwithstanding the overall weak market conditions. On the BSE, RIL shares touched an all-time high of Rs 2,162.80 before closing the day’s trade at Rs 2,146.20, higher by Rs 85.55 or 4.15 per cent from its previous close. The market cap of RIL is over Rs 13.60 lakh crore.

The RIL-PP scrip rose 8.77 per cent to end at Rs 1,284.50 per share. The partly paid-up shares now have a market capitalisation of over Rs 54,000 crore.

Reliance is now the second most valuable energy firm. Aramco being the top energy company. No Indian company has ever crossed an m-cap of Rs 14 lakh crore. This was enough to race past ExxonMobil which has an m-cap of $184.7 billion.

Globally, Saudi Aramco has the highest market cap of $1.75 trillion, followed by Apple ($1.6 trillion), Microsoft ($1.5 trillion), Amazon ($1.48 trillion), and Alphabet ($1.03 trillion).

Besides being higher than ExxonMobil in m-cap, Reliance is also above Chevron which has an m-cap of about $169 billion as well as likes of Oracle, Unilever, Bank of China, BHP Group, Royal Dutch Shell and SoftBank Group. Reliance is the 10th highest m-cap company in Asia. China’s Alibaba Group is ranked 7th globally.

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