Industry

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

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Reliance Industries on Monday became the first Indian firm to hit a market valuation of $150 billion helped by a continuous rally in its share price.

Also read: Reliance Industries to repay debt worth ₹40,000 cr. from proceeds of rights issue

In morning trade, the company’s market valuation jumped ₹28,248.97 crore to ₹11,43,667 crore ($ 150 billion) on the BSE.

The heavyweight stock surged 2.53% to a record high of $1,804.10 on the BSE.

On the NSE, it rose by 2.54% to an all-time high of $1,804.20.

Reliance Industries on Friday became the first Indian company to cross the ₹11 lakh crore market valuation mark.

Its market valuation crossed ₹11 lakh crore in the previous session as its share price rallying over 6% after chairman Mukesh Ambani announced that his oil-to-telecom conglomerate had become net debt-free.

Mr. Ambani announced that Reliance Industries had become net debt-free after raising a record ₹1.69 lakh crore from global investors and a rights issue in under two months.

Reliance Industries raised ₹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 ₹53,124.20 crore through a rights issue in the past 58 days.

Also read: Reliance raises ₹1.04 lakh crore from marquee investors in 8 weeks

Taken together with last year’s sale of 49% stake in fuel retailing venture to BP Plc of UK for ₹7,000 crore, the total fund raised is in excess of ₹1.75 lakh crore, the company said.

Reliance Industries had a net debt of ₹1,61,035 crore as on March 31, 2020.

“With these investments, RIL has become net debt-free,” it said.

On Thursday, Reliance Industries said it has sold a 2.32% stake in its digital unit to Saudi Arabia’s Public Investment Fund (PIF) for ₹11,367 crore.

So far this year, the company’s stock has gained over 19%.

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Printable version | Aug 9, 2020 5:51:57 PM | https://www.thehindu.com/business/Industry/reliance-industries-becomes-first-indian-firm-to-hit-150-bn-market-cap/article31886859.ece

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