Stocks

Debt-free status propels RIL stocks to record high

Internet Desk | Updated on June 19, 2020 Published on June 19, 2020

Mukesh Ambani

Shares of Reliance Industries Ltd (RIL) gained 7 per cent to a record high of ₹1,788.80 and are up for the second straight day on the news of the company announcing debt-free on Friday.

RIL has become net debt-free ahead of the target of March 31 next year, its Chairman Mukesh Ambani said on Friday after his oil to telecom conglomerate raised ₹168,818 crore in 58 days.

 

“I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of 31 March 2021,” Ambani said in a statement.

It is also the top point contributor to the upside on the Nifty50 index.

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

Earlier yesterday, Saudi Arabia’s Public Investment Fund had announced an investment of ₹11,367 crore in lieu of a 2.32 per cent stake, in Jio Platforms Ltd, a subsidiary of Reliance Industries.

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Published on June 19, 2020
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