Reliance Industries Ltd (RIL) on Monday became the first Indian company to cross the Rs12 lakh crore in market capitalisation as the stock soared to a record high. Shares of the company, controlled by billionaire Mukesh Ambani, have doubled in value since mid-March.

The surge in market cap comes ahead of RIL’s annual general meeting slated for Wednesday.

At closing on Monday, the RIL stock settled at Rs 1,934.30 apiece, up 3% from its previous close on the BSE; achieving a market cap of Rs 12.26 lakh crore. The stock had touched a low of Rs 867.82 on BSE on March 23, and since then it has risen over 120%.

On Sunday, Qualcomm Ventures, the investment arm of Qualcomm Inc., said it will invest Rs 730 crore for a 0.15% stake in Jio Platforms; becoming the 12th investor in about three months.