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Reliance Industries becomes first Indian firm to hit USD 150 bn market cap

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Reliance Jio working on "Super app", will provide over 100 services at one platformNew Delhi, Jun 22 (PTI) Reliance Industries Ltd (RIL) on Monday became the first Indian firm to hit a market valuation of USD 150 billion during the day. In the morning trade, the company”s market valuation jumped Rs 28,248.97 crore to Rs 11,43,667 crore (USD 150 billion) on the BSE.

However, it failed to continue the momentum and at the close of the trade, the company”s market valuation remained at Rs 11,07,620.56 crore (USD 145.68 billion).

The heavyweight stock surged 2.53 per cent to a record high of Rs 1,804.10 during the day on the BSE. However, fag-end selling emerged at the counter and it declined 0.70 per cent to close at Rs 1,747.20. On the National Stock Exchange (NSE) also, it erased all early gains and closed at Rs 1,752.50, 0.39 per cent lower after rising 2.54 per cent to an all-time high of Rs 1,804.20 during the day. RIL, the country”s most-valued firm, on Friday became the first Indian company to cross the Rs 11-lakh crore market valuation mark.

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Its market valuation crossed Rs 11 lakh crore in the previous session as its share price rallied over 6 per cent after its Chairman Mukesh Ambani announced that the oil-to-telecom conglomerate has become net debt-free.

Ambani announced that RIL has become net debt-free after raising a record Rs 1.69 lakh crore from global investors and a rights issue in under two months. The company raised Rs 1.15 lakh crore from global tech investors by selling a little less than a quarter of the firm”s digital arm, Jio Platforms, and another Rs 53,124.20 crore through a rights issue in the past 58 days.

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Taken together with last year”s sale of 49 per cent stake in fuel retailing venture to BP Plc of the UK for Rs 7,000 crore, the total fund raised is in excess of Rs 1.75 lakh crore, the company said. RIL had a net debt of Rs 1,61,035 crore as on March 31, 2020.

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On June 18, Reliance Industries said it has sold a 2.32 per cent stake in its digital unit to Saudi Arabia”s Public Investment Fund for Rs 11,367 crore. So far this year, the company”s stock has gained 15.39 per cent. PTI SUM HRS

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