Mumbai: Reliance Industries Ltd has surpassed a market capitalisation of Rs 21 lakh crore after a stock surge of more than 20 percent this year, becoming the first Indian company to achieve this milestone, media reported.

At 10:30 am, the stock rose by 1.5 percent to reach a record high of Rs 3,129 per share.

The jump followed when Reliance Jio Infocomm Ltd announced tariff hikes, which were largely in line with the market’s expectations.

The telco announced new unlimited plans effective July 3. The new tariffs range from Rs189 for 2 GB/month to Rs3,599 for a 2.5 GB/day annual plan, with unlimited 5G data for plans of 2 GB/day and above.

According to the Economic Times, Jio taking the lead in raising tariffs and shifting focus to improving returns on investments, is a sentimental positive, according to the brokerages.

On June 28, Jefferies increased Reliance's price target to Rs 3,580 from Rs 3,380, suggesting a 17 percent upside from Thursday's closing price, which is the highest target among analysts.

The brokerage maintained a 'Buy' rating, projecting Jio's revenue and profit to grow annually by 18 percent and 26 percent, respectively, from FY24 to FY27.

Morgan Stanley also kept an 'Overweight' rating with a price target of Rs 3,046, noting that the tariff hikes are in line with expectations and anticipating new energy cash flow streams by the end of the year.

The investment bank does not foresee further tariff hikes until FY27 but mentioned that a 20 percent tariff increase next year could boost earnings by 10-15 percent.