(LiveMint)
Reliance Industries Ltd (RIL) has surpassed its strategic partner British oil major BP Plc in terms of market capitalization. The rise in market value of the Indian company was, however, driven by its retail and telecom businesses. RIL hit a market cap of $132.24 billion on Wednesday compared with BP’s $130.51 billion. At closing, shares of RIL traded at Rs.1,478.70 on BSE, up 0.8% from its previous close. So far this year, it has gained 31.9%. The story has used a dollar-rupee conversion rate of Rs.70.89 per dollar.
At 10.30 am (GMT), BP was trading $6.42 in London trade, up 1.3% from its previous close. On Tuesday, shares of BP, closed at $6.33, down 3.8%, the most in four weeks, after dashing investor hopes of a higher dividend this year. Year to date, the BP stock has risen 0.4%.
