In early trade today, RIL became the first Indian company to a cross-market cap of Rs 16 lakh crore. The stock reached the feat after it hit Rs 2,368 in an otherwise flat market all-time high. RIL’s share price rose 2.2 percent to Rs 2,368 compared to Rs 2,317 ‘s previous close on BSE.
In the last two days, the big cap portfolio has risen 1.57 percent. This is the first session that RIL’s market cap crossed Rs 16 lakh crore making it India’s most valued business.
The stock was later trading on BSE at Rs 2336, 0.81 percent higher. That brought Rs 15.80 lakh crore to its market cap.
On March 23, 2020, the large-cap stock hit a new, 52-week low Rs 867. The stock has been gaining 173.12 percent on BSE since then.
Complete 4.41 lakh shares exchanged hands on BSE amounting to Rs 103.51 crore turnover.
RIL stock prices have risen 8.27% in one week and 10.69% in one month. Since the beginning of this year, the stock has gained 54.55 percent and has risen 93.26 percent in the last year. RIL stock trades higher than its moving averages of 5 days, 20 days, 50 days, 100 days, and 200 days.
RIL stock reached new heights after leading tech investor Silver Lake Partners (SLP) said it would invest Rs 7,500 ($1 billion) on a fully diluted basis in Mukesh Ambani’s Reliance Retail Ltd, a subsidiary of Reliance Industries Ltd.
Reliance Retail investment rates at a Rs 4.21 lakh crore pre-money equity valuation. Silver Lake’s investment marked a big boost for RIL, which acquired the Future Group for Rs 24,713 crore from Kishore Biyani last month.
The stock also gained on a report from Bloomberg that Reliance Industries reportedly offered Amazon.com a 40 percent stake in its retail arm worth around $20 billion.
“Amazon has held discussions about investing in the conglomerate’s Reliance Retail Ventures Ltd unit and has expressed interest in negotiating a potential transaction,” the report said.
The study went on to say that Reliance is “willing to sell to Amazon as much as a 40 percent stake in the subsidiary” and the $20 billion deal size will be India’s largest ever.
In the meantime, Sensex’s 30-scrip BSE benchmark traded 50 points higher at 39,095 and NSE Nifty 50 added 12 points at 11,543.
