Reliance Industries Limited (RIL) on Wednesday became the first Indian company to cross Rs 19 lakh crore market capitalisation amid spurt in volume. The company's market valuation soared to Rs 19,12,814 crore in morning trade on the BSE amid rally in its share price. The company added Rs 2 lakh crore between October last year and April this year. RIL has crossed Rs 18lakh crore m-cap earlier in March March this year and went past went past Rs 17 lakh crore mark on October 13 last year. Shares of RIL surged nearly 2% in the Wednesday's intraday trade to hit 52-week high of Rs 2,827.10 per share on the BSE.  

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At 1.50 am, RIL m-cap stood at Rs 18,94,255.58 crore as the shares erased some early gains to trade at Rs 2800 per share on the BSE.  

Speaking of its rally, Santosh Meena, Head of Research, Swastika Investmart Ltd, said the good show put up by Reliance Industries is largely due to its petchem business.  

"Reliance industries is firing on all cylinders because its petchem business is doing extremely well on the back of a surge in Oil and Gas prices where Singapore GRM is at an all-time high. Its telecom business is unaffected by geopolitical tension and inflation whereas it is exploring synergies in its retail business," he said.   

Besides, It is continuously expanding its path in the renewable energy business that opening more opportunities for the company, said Meena.  

Surge in share price of RIL also comes after billionaire Mukesh Ambani's Reliance Industries Ltd has signed a formal shareholder agreement for the USD 2 billion TA'ZIZ chemical joint venture in the UAE and inked a pact to collaborate with ADNOC in finding and producing conventional and unconventional resources. 

Shares of Reliance Industries have gained around 19% this year. Speaking of the price movement in RIL, Meena said the counter created a strong base at the 2250 mark and then witnessed a smart rally, where it has broken out of falling channel formation which is leading to fresh bullish momentum. "On the upside, it has the potential to move towards the 3000-mark. On the downside, 2500 should act as an immediate and strong support level," he added.