- Reliance Industries-RIL market cap hits Rs. 14 Lakh Crore on Friday’s trading with a high share price of Rs. 2,129. RIL becomes the first Indian company to hit Rs. 14 Lakh Crore market cap.
Reliance Industries-RIL market cap hits Rs. 14 Lakh Crore on Friday’s trading with a high share price of Rs. 2,129. RIL becomes the first Indian company to hit Rs. 14 Lakh Crore market cap.
Mukesh Ambani-led RIL’s share price rose 3.73 percent to an all-time high Rs 2078.9 compared to the previous close of Rs 2.004 on BSE following Amazon’s talks planning to invest in the company to buy 9.9 percent stake. RIL stock rally took the Ambani-led firm’s market cap to Rs 13.16 lakh crore, a fresh high on BSE and NSE set by the conglomerate.
In just 8 trading sessions the firm earned market cap of Rs 1 lakh crore. On July 13, RIL became the first Indian film to cross Rs 12 lakh crore’s market capitalization after its stock climbed to Rs 1,947 fresh level. Last five days, the big cap portfolio has risen 12.61 percent.
The big-cap share on March 23 this year has risen 139.55 percent from its 52-week low of Rs 867.82 reached. The firm ‘s stock reached the historic Rs 2,000 mark for the first time on July 22.
In recent months, a string of investments by multinational corporations has moved the RIL stock higher. Jio has drawn a host of big-ticket investments from technology and finance firms.
It began with the announcement on Facebook, with the social media giant announcing it would spend $5.7 billion in Jio to buy a 9.9 percent stake. Gradually more capital came down Jio ‘s way, including Intel and Qualcomm investments.
“With Google’s investment), the overall contribution to Jio Platforms from financial and strategic investors is Rs 1,52,056 crore,” Jio said.
After Amazon announced that it is planning to invest in Reliance’s retail arm, Reliance Retail to acquire 9.9 percent, the shares went up which helped RIL hit a market cap of Rs. 14 Lakh crore.
According to local media sources, both Amazon and Reliance Retail were both engaged in a battle to obtain the majority stake in Future Retail, India’s second-largest retail chain. Amazon invested over $100 million last year on Future Deals, a mutual corporation owned by Future Retail, to acquire a 49 percent interest.
