Stocks

RIL’s market cap zooms past Rs 12 lakh cr mark

PTI New Delhi | Updated on July 13, 2020 Published on July 13, 2020

 Reliance Industries Ltd’s market valuation zoomed past the Rs 12 lakh crore mark on Monday, driven by a sharp rise in its share price.

The market-heavyweight stock jumped 3.64 per cent to a record high of Rs 1,947 on the BSE.

At the National Stock Exchange (NSE), it rose by 3.70 per cent to a lifetime high of Rs 1,947.70.

Following the jump in its share price, the company’s market valuation of the company rose by Rs 38,163.22 crore to Rs 12,29,020.35 crore on the BSE.

Reliance Industries was one of the top gainers in the Sensex pack, after the company on Sunday said it has secured Rs 730 crore from wireless technology leader Qualcomm by selling a small stake in its technology venture, adding to a slew of investments since April that has crossed Rs 1.18 lakh crore.

With this deal, Reliance has sold 25.24 per cent stake in Jio Platforms Ltd - the unit that houses India’s youngest but largest telecom firm Jio Infocomm and apps.

Reliance Industries, the country’s most valued firm, last month became the first Indian company to cross the Rs 11 lakh crore market valuation mark.

Meanwhile, ReliancePP or the partly paid-up shares issued in recently concluded rights issue have a market valuation of Rs 44,820.91 crore. ReliancePP shares rose by 8.48 per cent to Rs 1,075 on the BSE.

The company became net debt-free on June 19, following capital raising initiatives in Jio Platforms and the rights issue.

Read also: Jio Platforms receives investments from four investors

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Published on July 13, 2020
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