RIL stock price has rallied 95 per cent in less than three months from its 52-week low of Rs 867.82, fuelled by 11 investment deals in nine weeks, which aided the Mukesh Ambani-led firm to raise Rs 115,693 crore by selling 24.70 per cent stake in Jio Platforms
Reliance Industries (RIL) share price hit a fresh all-time high of Rs 1,689 apiece on BSE after the company announced on Friday that it has become a net-debt free firm. RIL shares gained 2 per cent in the trade taking the market capitalisation to Rs 10.6 lakh crore. Earlier on Thursday after market hours, Reliance Industries raised Rs 11,367 crore from the 11th investor, The Public Investment Fund (PIF), for a 2.32 per cent equity stake in Jio Platforms. RIL stock price has rallied 95 per cent in less than three months from its 52-week low of Rs 867.82, fuelled by 11 investment deals in nine weeks, which aided the Mukesh Ambani-led firm to raise Rs 115,693 crore by selling 24.70 per cent stake in Jio Platforms. 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.
Around 11.30 AM, RIL shares were trading 1.55 per cent higher at Rs 1,682 apiece in comparison to a 0.70 per cent rise in the S&P BSE Sensex in the late morning deals. “With its partnership with Microsoft, its MoU with Facebook, and its offline retail infrastructure, RIL is looking to capitalise on the untapped market of small and medium scale enterprises, which may look at digitising after Covid-19,” Morgan Stanley said in its research report adding that this will not only raise revenues for digital but also support retail business gain share of the consumer wallet.
Reliance Industries has become bet-debt free firm much before its deadline of March 2021 on the back of nearly 25 per cent equity stake sale in Jio and Rs 53,124 crore rights issue. “Along with the stake sale to BP in the petro-retail JV, the total fundraise is in excess of Rs 1.75 lakh crore,” RIL said in a press release. Besides, with total investments from 11 foreign investors and rights issue, the grand total of investments in just 58 days stands at Rs 168,818 crore.