Jio's golden touch makes Reliance Industries share rise 108% in 3 months
Mukesh Ambani-led Reliance Industries' stock has seen a tremendous rally in the past few months. The stock has risen 108 per cent from its 52-week low of Rs 867.82 touched on March 23 to Rs 1,804.10 on the Bombay Stock Exchange (BSE). Benchmark S&P BSE Sensex has risen 35 per cent during the same period.
Shares of Reliance Industries Ltd (RIL) continued gaining momentum on Monday, rising as much as 2.41 per cent to hit a fresh all-time high of Rs 1,804.10. The rise can be attributed to the company's announcement last week that it had become net debt-free ahead of its March 2021 deadline. On the National Stock Exchange, it rose by 2.54 per cent to an all-time high of Rs 1,804.20. The RIL share price has gained over 12 per cent in the last three trading sessions.
Driven by strong rally in recent past, the market capitalisation of Reliance Industries touched $150 billion on Monday. In the early deals, RIL's valuation zoomed Rs 28,248.97 crore to Rs 11,43,667 crore ($150 billion) on the BSE.
The RIL on Friday became the first Indian company to cross the Rs 11 lakh crore market valuation mark as its stock rallied over 6 per cent after chairman Mukesh Ambani announced that his flagship company had become net debt-free.
"I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of 31st March 2021," Ambani said in a press release issued by RIL on Friday. He had initially announced plans to make RIL debt-free on August 12, 2019, at the 42nd AGM of the company.
RIL raised a total of Rs 1,68,818 crore in just 58 days via a rights issue and by roping in global tech investors to buy minority stake in Jio Platforms Limited, the company announced on Friday. The company has raised Rs 53,124.20 crore via the mega rights issues, while its Jio Platforms raised Rs 1,15,693 crore through investments made by leading global investors.
If the strategic stake sale to BP in the petro-retail joint venture is counted, the total funds raised stand at Rs 1.75 lakh crore. RIL's net-debt as on 31st March 2020 was Rs 161,035 crore.
Jio Platforms has raised Rs 1,15,693.95 crore from leading global investors including Facebook, Silver Lake,Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton and PIF since April 22. PIF's investment marks the end of Jio Platforms' current phase of induction of financial partners, the company has stated.
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