RIL shares closed the session 3.55 per cent higher at Rs 2,075.15 apiece as compared to a 0.71 per cent rise in the benchmark S&P BSE Sensex
Reliance Industries (RIL) share price surged 3.73 per cent to hit a fresh all-time of Rs 2,078.90 apiece on BSE, becoming the first Indian company to have a market capitalisation of Rs 13 lakh crore. RIL took just eight trading sessions to climb up to Rs 13 lakh crore m-cap from Rs 12 lakh crore. Last month the total m-cap of the oil-to-telecom conglomerate stood at Rs 11 lakh crore. The stock has been rallying on back to back investments from global technology investors in its digital arm Jio Platforms. After the recent investment deal by Google, Reliance has sold a total of 32.8 per cent stake in Jio Platforms for Rs 1.52 lakh crore. So far since April, the highest stake of 9.99 per cent, has been picked up by the social media giant Facebook for Rs 43,573.62 crore. “As the market witnessed the Jio rise in a very short span compared to their earlier entrants and peers, it wouldn’t be an over-hype to say that the RILs plan might be to challenge Amazon and Dmart in the consumer and retail businesses in the coming years,” Ravi Singh, Head of Research, Karvy Stock Broking told Financial Express Online.
He further explained that on the back of the technical setup, the immediate target of RIL would be 2125 levels while in the medium-term the stock may touch 2500 levels. In the previous session, Mukesh Ambani-led Reliance Industries topped the Rs 2,000 levels for the first time since listing. Apart from the investments in Jio, the company has raised funds with Rs 53,124 crore mega rights issue and stake sale to British energy giant BP in the petro-retail joint venture.
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RIL shares closed the session 3.55 per cent higher at Rs 2,075.15 apiece as compared to a 0.71 per cent rise in the benchmark S&P BSE Sensex. With today’s surge in the stock price, RIL shares have rallied 139.5 per cent since March. On Wednesday, oil to telecom conglomerate informed the exchanges that the company will be announcing its April-June quarter results on July 30, instead of on Friday, July 24, 2020, as intimated earlier. Reliance Jio has also sought spectrum in certain frequencies from the Department of Telecom (DoT) for holding trials of the latest 5G technology, according to a PTI report.