1. Reliance Industries stock soars over 3% to hit all-time high; leads Sensex, Nifty

Reliance Industries stock soars over 3% to hit all-time high; leads Sensex, Nifty

Reliance Industries shares advanced over 3% on Wednesday to hit the all-time high.

By: | Published: September 13, 2017 11:47 AM
Mukesh Ambani — chairman of Reliance Industries and the richest Indian businessman. (Image: Reuters)

Reliance Industries shares advanced over 3% on Wednesday to hit the all-time high. Shares of the Mukesh Ambani led oil-to-telecom conglomerate rose as much as 3.26% to the lifetime high of Rs 850.15 on BSE today. Reliance Industries is the only Indian scrip with a market capitalisation of over Rs 5 lakh crore, as per Tuesday’s close of Rs 823.3 the market cap of RIL was at Rs 5,35,509.87. Today it has added nearly Rs 15,000 crore in its market capitalisation to Rs 5,50,730.25.

Earlier last week RIL shares went ex-bonus as company’s chairman Mukesh Ambani had announced a 1:1 bonus issue in the 40th AGM of Reliance Industries this July. On the ex-date shares rose by more than 1% and hit a high of Rs 832.7 on BSE. RIL shares have risen over 50% so far in this year and had returned about 62% from the last one year. In the corresponding period the benchmark indices Sensex and Nifty had returned around 13-14%.

RIL shares saw a massive jump in late February on the prospects of fresh cash flows from the company’s telecom business, when Mukesh Ambani announced that Reliance Jio has acquired over a 100 million subscribers in just less than six months of the launch of services, and said that the company would start paid services in April. Shares saw another spurt in late March as the date of the start of paid services on Jio network drew closer.

Reliance Jio Infocomm has taken the Indian telecom industry by storm but Mukesh Ambani is not yet done with expanding the venture, as Reliance Industries plans to raise Rs 25,000 crore to invest into the group’s disruptive telecom venture, which has already seen massive investments and commitments worth just shy of Rs 2 lakh crore.

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