On the back of investments worth Rs 1.69 lakh crore from 10 global investors and Rs 53,124 crore rights issue, which helped the firm to become net debt-free, RIL stock price has gained 19 per cent so far this year
RIL share price hit a new all-time high of Rs 1,804.10 apiece on BSE after the company on Friday announced to become a net debt-free firm nine months ahead of its deadline. Reliance Industries share price more than doubled from its March low of Rs 883.85 apiece touched on March 23. The stock gained 2.5 per cent in today’s trade which made the oil-to-telecom conglomerate the first Indian firm to be valued at Rs 11,43,667 crore (USD 150 billion) registering a rise of Rs 28,248.97 crore, on the BSE. In the past one week, RIL stock has soared nearly 12 per cent from Rs 1,615 to Rs 1,804 apiece. “We believe that the digital and retail business will be key growth drivers for the company going forward and the proposed listing of the retail business over the next few years is along expected lines and will lead to a rerating for the company. We also expect a similar move by the company for its digital business in the future,” said Jyoti Roy, DVP Equity Strategist, Angel Broking Ltd.
On the back of investments worth Rs 1.69 lakh crore from 10 global investors and Rs 53,124 crore rights issue, which helped the firm to become net debt-free, RIL stock price has gained 19 per cent so far this year. “Our net-debt was Rs 161,035 crore, as on 31st March 2020. With these investments, RIL has become net debt-free,” RIL said. On Thursday, Reliance Industries said it has sold a 2.32 per cent stake in its digital unit to Saudi Arabia’s Public Investment Fund (PIF) for Rs 11,367 crore.
Around 1.10 PM, RIL shares were trading half a per cent higher at Rs 1,767.90 apiece as compared to one per cent rise in S&P BSE Sensex. The stock opened at Rs 1,775 and quoted a day’s low of Rs 1,751.20 in the session so far. According to the Bloomberg Billionaires Index, Mukesh Ambani’s net worth has soared to $64.5 billion making him the ninth richest person globally. Ambani’s net worth of Rs 4.9 lakh crore is now more than the combined net worth of Azim Premji, Shiv Nadar, Gautam Adani ($12.8 billion) and Radhakishan Damani.
The 10 global technology investors, who have invested in Jio Platforms are Facebook, Silver Lake Partners, Vista Equity Partners, General Atlantic, KKR, Mubadala, Abu Dhabi Investment Authority, TPG, L Catterton and Public Investment Fund.