RIL share price doubles since March, stock gains 1.5% today on investment in Jio Platforms

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Published: July 3, 2020 10:37 AM

Around 10 AM, RIL shares were trading 0.87 per cent higher at Rs 1,776 apiece, taking the total market capitalisation of the firm to Rs 11,24,610.36 crore

RIL shares, RIL share price, Reliance IndustriesReliance Industries is scheduled to hold its first virtual annual general meeting (AGM) of shareholders on July 15, Image: Reuters

Reliance Industries share price gained nearly 1.5 per cent to Rs 1,785.65 apiece on BSE after the company announced that Intel Capital will invest Rs 1,894.50 crore for 0.39 per cent equity stake in Jio Platforms. This is the 12th high-profile investment in Jio Platforms in the last 11 weeks. Last month, Reliance Industries raised investments from six global investors including Mubadala, additional investment from Silver Lake, ADIA, TPG, L Catterton and PIF. Since April this, Reliance Industries has raised a total investment of Rs 1.17 lakh crore for an equity stake of 25.09 per cent. “The way investment is coming in Reliance Jio shows that digitisation will be the theme for the next leg of growth in the industry. The deal seems to be very positive for Reliance,” Vishal Wagh, Head of Research, Bonanza Portfolio Ltd, told Financial Express Online.

Around 10 AM, RIL shares were trading 0.87 per cent higher at Rs 1,776 apiece, taking the total market capitalisation of the firm to Rs 11,24,610.36 crore. RIL shares have more than doubled from March low of Rs 868 apiece on BSE. Last week, RIL shares hit an all-time high of Rs 1,804. Along with these investments from global entities, Reliance has made the firm net debt-free, including the mega rights issue of Rs 53,124 crore. So far, the highest stake of 9.99 per cent has been picked up by the social media giant Facebook for Rs 43,574 crore in April this year. “Intel is a true industry leader, working towards creating world-changing technology and innovations. Intel Capital has an outstanding record of being a valuable partner for leading technology companies globally,” Mukesh Ambani said in a statement.

Reliance Industries is scheduled to hold its first virtual annual general meeting (AGM) of shareholders on July 15, at 2 pm through video conferencing / other audio-visual means, the company informed in a regulatory filing.

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