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Friday, September 25, 2020

RIL shares jump 2% to hit record high; market valuation rises by Rs 16,346 crore

The heavyweight stock rose 1.97 per cent to Rs 1,689 -- its all-time high -- on the BSE. On the NSE, it surged 1.99 per cent to its record peak of Rs 1,688.95.

By: PTI | New Delhi | Updated: June 19, 2020 12:34:05 pm
With this, the company’s market valuation rose by Rs 16,346.65 crore to reach Rs 10,66,034.08 crore in morning trade on the BSE.

Shares of Reliance Industries on Friday jumped 2 per cent after Mukesh Ambani announced that his oil-to-telecom conglomerate had become net debt-free.

The heavyweight stock rose 1.97 per cent to Rs 1,689 — its all-time high — on the BSE.

On the NSE, it surged 1.99 per cent to its record peak of Rs 1,688.95.

With this, the company’s market valuation rose by Rs 16,346.65 crore to reach Rs 10,66,034.08 crore in morning trade on the BSE.

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

Reliance 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.

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

Reliance had a net debt of Rs 1,61,035 crore as on March 31, 2020. “With these investments, RIL has become net debt-free,” it said.

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