Latest News | RIL Shares Jump over 6 Pc; Market Valuation Crosses Rs 11 Lakh Cr Mark
Get latest articles and stories on Latest News at LatestLY. Shares of Reliance Industries on Friday jumped over 6 per cent after Mukesh Ambani announced that his oil-to-telecom conglomerate had become net debt-free.
New Delhi, Jun 19 (PTI) Shares of Reliance Industries on Friday jumped over 6 per cent after Mukesh Ambani announced that his oil-to-telecom conglomerate had become net debt-free.
Following stellar gains in its share price, the company's market valuation rose by Rs 65,477.03 crore to reach Rs 11,15,418.03 crore on the BSE. The company became the first Indian firm to achieve the milestone of crossing Rs 11 lakh crore market valuation mark.
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The heavyweight stock zoomed 6.23 per cent to close at Rs 1,759.50 on the BSE. During the day, it soared 7.99 per cent to Rs 1,788.60 -- its all-time high.
On the NSE, it surged 6.47 per cent to settle at Rs 1,763.20.
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"The bulls continued to dominate and helped the index to gain over one-and-a-half per cent. The surge was led by index heavyweight, Reliance Industries, which announced that it has become net debt-free," said Ajit Mishra, VP - Research, Religare Broking Ltd.
Earlier in the day, Ambani announced that Reliance Industries had become net debt-free after raising a record Rs 1.69 lakh crore from global investors and a rights issue in under two months.
Reliance raised Rs 1.15 lakh crore from global tech investors by selling a little less than a quarter of the firm's digital arm, Jio Platforms, and another Rs 53,124.20 crore through a rights issue in the past 58 days.
Taken together with last year's sale of 49 per cent stake in fuel retailing venture to BP Plc of UK for Rs 7,000 crore, the total fund raised is in excess of Rs 1.75 lakh crore, the company said.
Reliance had a net debt of Rs 1,61,035 crore as on March 31, 2020.
"With these investments, RIL has become net debt-free," it said.
The 30-share BSE index settled 523.68 points, or 1.53 per cent, higher at 34,731.73 helped by stellar gains in RIL.
So far this year, RIL shares have gained 16.20 per cent.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)