RIL share price tops Rs 2,100, m-cap over Rs 13 lakh crore; now 48th most-valued firm globally

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Updated: July 24, 2020 11:10 AM

RIL Share Price: RIL jumped to Rs 13 lakh crore m-cap from Rs 12 lakh crore in just trading eight sessions and made a place into the top 50 most valued companies globally

RIL, reliance industries, mukesh ambaniReliance stock price has now zoomed 142 per cent from March lows of Rs 868 apiece. Image: Reuters

Reliance Industries (RIL) share price hit another fresh all-time high for the third straight day on Friday, surging nearly 4 per cent to touch Rs 2,139.95 apiece. In the previous session, the oil-to telecom conglomerate became the first Indian company to have a market capitalisation of Rs 13 lakh crore. The company jumped to Rs 13 lakh crore m-cap from Rs 12 lakh crore in just eight trading sessions and made a place into the top 50 most valued companies globally. Mukesh Ambani-led RIL is now positioned 48th in m-cap globally. With today’s surge, RIL stock price has now zoomed 146.5 per cent from March lows of Rs 868 apiece. “RIL has seen a strong move so far and the strategy should be buying on the dip. Major support is in 1980 on the higher side one can see resistance around 2240-2280 levels,” Vishal Wagh, Head of Research, Bonanza Portfolio Ltd, told Financial Express Online.

At 9.53 AM, RIL shares were trading 3.41 per cent higher at Rs 2,131 apiece on BSE, as compared to a 0.55 per cent fall in the benchmark S&P BSE Sensex. Along with the recent investment deal by Google, Reliance has raised Rs 1.52 lakh crore in exchange for a total of 32.8 per cent equity stake sale in its digital arm Jio Platforms. The highest stake of 9.99 per cent, so far, has been picked up by the social media giant Facebook in April this year, for Rs 43,573.62 crore. Along with the back to back investments from global technology investors in Jio Platforms, Reliance Industries raised funds through Rs 53,124 crore mega rights issue and sale to British energy giant BP in the petro-retail joint venture. The company has become net debt-free nine months ahead of its deadline of March 2021.

Earlier this week, the 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. Besides, the company in its 43rd annual general meeting (AGM), announced that Google and Jio will join hands to develop an affordable smartphone and an Android OS. Mukesh Ambani said that Jio is working towards a 2G-mukt India

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