Mukesh Ambani Current Affairs - 2020

Nita Ambani elected to board of New York’s Metropolitan Museum of Art

Educationist, Philanthropist and Businesswoman Nita Ambani has been named the Honorary Trustee of New York City’s The Metropolitan Museum of Art, the largest U.S. art museum. In the museum’s 150-year of history, she is the first Indian Trustee. Her election took place at the meeting of the Museum’s board and the announcement in this regard was made by Daniel Brodsky, the Chairman of Museum.

Key Highlights

The 149-year-old Metropolitan Museum of Art, is considered as the largest and most visited art museums in the world. The museum draws billionaires, celebrities and millions of visitors a year to see art spanning 5,000 years from around the world.

Nita Ambani: She is the Founder and Chairperson of the Reliance Foundation. She is the wife of Asia’s richest person and Reliance Industries Chairman Mukesh Ambani. She is first Indian to be so honoured.

Why is She elected? For her commitment to The Met and to preserving and promoting India’s art, culture and heritage. The Met also noted that the Reliance Foundation has sponsored key cultural events such as ‘Abbaji’, the annual concert of legendary musician Ustad Zakir Hussain, among the many efforts to recognize cultural legends of India and ensure their relevance to a younger generation.

In October 2017, the museum had also announced that Reliance Foundation promised a generous gift (without stating the amount of gift) to support exhibitions that explore and celebrate the arts of India.

RIL becomes first Indian company to hit Rs. 9 lakh crore m-cap

Mukesh Ambani-led Oil-to-telecom major Reliance Industries (RIL) has become the first company in India to hit the market capitalisation (m-cap) of Rs.9 lakh crore. RIL was also the first company to reach Rs.8 lakh crore mark in August 2018. IT giant Tata Consultancy Services (TCS) was at a distant second with a m-cap of Rs.7.66 lakh crore. It was the also second company to reach Rs.8 lakh crore mark.

Key Highlights

On 18 October 2019, the market-cap of Reliance Industries (RIL) stood at Rs.9.03 lakh crore when the stock traded at Rs.1,428, up 2% on the BSE SENSEX, ahead of its September quarter earnings. This rise in share price helped the company reach the news milestone.

In 2007, RIL was the first Indian company to hit $100 billion mark in market-cap. RIL also became first domestic firm to cross Rs.8 lakh crore mark in terms of market valuation in August 2018. In calendar 2019, the stock has climbed 28% so far.

RIL now aims to double the revenue of energy-to-telecom behemoth, riding on retail and telecom segments by 2025.

What is market capitalisation (m-cap)?  It is calculated by multiplying total number of company’s outstanding shares by the current market price of one share. The market-cap figure of listed companies changes daily with stock price movement.