Reliance Industries Ltd (RIL) briefly breached the 16 trillion market capitalization mark for the first time on Wednesday, as investors continued to buy the stock anticipating higher valuation in the wake of stake sales in its subsidiary Reliance Retail.

The RIL stock rose 2.2% to hit a record 2,368.8 on the BSE in morning trade, pushing its valuation beyond 16 trillion, before pulling back slightly. The stock closed the day at 2,323.85, up 0.26% from its previous close, with a market capitalization of 15.71 trillion. Year-to-date, RIL shares are up 56%.



On 9 September, California-based private equity fund Silver Lake picked up a 1.75% stake in Reliance Retail Ventures Ltd (RRVL) for 7,500 crore, valuing the company at 4.21 trillion, or $57 billion. Mint subsequently reported that the retail arm is set to draw additional investments worth $5 billion from KKR and Co., Mubadala Investment Co. and Abu Dhabi Investment Authority (ADAI).

Recently, Bloomberg had reported that investor demand for Reliance Retail is so strong that Carlyle Group Inc. and SoftBank Group Corp. are among those that have been put on a waiting list.

“We expect interest from strategic investors in Reliance Retail that could expand the digital footprint of the company. Moreover, the stake sale in Reliance Retail will improve the health of the balance sheet in a challenging macro for oil-to-chemical business in the near term", said Axis Capital in a 9 September report to investors.

On the market capitalization front, RIL is followed by Tata Consultancy Services ( 9.39 trillion), HDFC Bank ( 6.01 trillion), Hindustan Unilever Ltd ( 5.03 trillion), and Infosys Ltd ( 4.26 trillion).

Among global oil and gas companies, Saudi Aramco with a market cap of $1.93 trillion still retains the top spot, followed by RIL. Among global stocks, Apple Inc. is the world’s most-valued company with a market value of $1.97 trillion, followed by Saudi Aramco with $1.93 trillion, Microsoft Corp ($1.55 trillion), Amazon.com Inc ($1.55 trillion), and Alphabet Inc ($1.03 trillion).