Industry

RIL first to cross ₹10 lakh cr. m-cap

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Firm denies reports of stake sale in news assets to BCCL

Reliance Industries Ltd. (RIL) has become the first Indian firm to cross market capitalisation (m-cap) of ₹10 lakh crore, with its shares touching a 52-week high of ₹1,584 before closing at ₹1,579.95 on Thursday, valuing the company at over ₹10,01,555.42 crore.

It took only 25 trading sessions for the oil-to-retail conglomerate to reach an m-cap of ₹10 lakh crore from ₹9 lakh crore, while it took 284 trading sessions to go from m-cap of ₹8 lakh crore to ₹9 lakh crore.

RIL first to cross ₹10 lakh cr. m-cap
 

Investors are bullish on RIL after its chairman announced plans to make the company debt free by FY2021 as the company comes to the end of a huge capex cycle of more than ₹3.5 lakh crore over the last three years.

The company is reportedly in talks with Sony Corp. and Bennett Coleman & Company Limited (BCCL), also known as The Times Group, to sell stakes in RIL’s entertainment and news channels, respectively.

On talks with Sony Corp., an RIL spokesperson said, “As a policy, we do not comment on media speculation and rumours. Our company evaluates various opportunities on an ongoing basis. We have made and will continue to make necessary disclosures in compliance with our obligations under Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 and our agreements with the stock exchanges.”

On the talks with Times Group, the spokesperson said, “Reliance Industries firmly denies.... to sell news assets to Times group. The story is baseless and false.”

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Printable version | Dec 6, 2019 9:59:48 PM | https://www.thehindu.com/business/Industry/ril-first-to-cross-10-lakh-cr-m-cap/article30109577.ece

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