Reliance Industries Limited (RIL) on Friday said it has become free of net debt ahead of March 2021 target after raising Rs 1,68,818 crore from stake sales and a rights issue in 58 days.
Shares of RIL surged 6.23 per cent to Rs 1,759.50 on the BSE on Friday, with a market capitalisation of Rs 11.15 lakh crore. RIL’s net-debt was Rs 1,61,035 crore as of March 2020. RIL chairman-MD Mukesh Ambani said, “We have fulfilled our promise to the shareholders by making Reliance net debt-free much before our original schedule of March 31, 2021.”
Sensex gains another 524 pts on RIL rally
Led by Reliance Industries (RIL) shares, stock markets on Friday rallied another 1.5 per cent on firm global cues, capital inflows and domestic investor support. Despite India-China border tensions and rising Covid infections, the Sensex gained another 524 points to 34,731.73 and the NSE Nifty Index rose 153 points to 10,244.40.
The gains were led by RIL, which contributed half of the gains for Nifty. The rupee closed 6 paise lower at 76.20 against the US dollar.
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