Tuesday , October 19 2021

Reliance Industries becomes the first Indian company with a market cap of over Rs 11 lakh crore

New DelhiThe market capitalization of Reliance Industries Ltd, the company of the country’s veteran businessman Mukesh Ambani, crossed Rs 11 lakh crore on Friday. Reliance Industries (RIL) has become the first Indian company to achieve this height. Reliance Industries Chairman Mukesh Ambani recently announced his company to be pure debt-free, doing business in fields ranging from crude oil to telecom. After this announcement, the market capitalization of the company increased by more than 65 thousand crores.

 

The market capitalization of Reliance increased by Rs 65,477.03 crore to Rs 11,15,418.03 crore on
Friday. The company’s stock on the BSE also rose 6.23 percent to close at Rs 1,759.50. During the business, it climbed 7.99 percent at one time to an all-time high of Rs 1,788.60. It also closed 6.47 percent higher at Rs 1,763.20 on the NSE. Ajit Mishra, vice-president (research), Religare Broking Ltd, said that the company’s stock continued to dominate and this helped the index ‘Sensex’ to gain one and a half percent. On Friday, the 30-share sensitive index Sensex of BSE rose by 523.68 points, or 1.53 percent, to 34,731.73 points.

So far this year, the company’s shares have risen by 16.20 percent,
so far this year, the company’s shares have increased by 16.20 percent. Earlier in the day, Ambani announced Reliance Industries to become debt-free after receiving a record Rs 1.69 lakh crore from global investors and rights issues within two months. Reliance Industries has raised Rs 1.15 lakh crore from global technology investors by selling less than 25 percent stake in its digital entity Jio Platforms. Apart from this, the company has also raised an additional amount of Rs 53,124.20 crore through a rights issue in the last 58 days.

Earlier last year, Reliance Industries had raised seven thousand crore rupees by selling 49 percent stake in retail fuel business to BP plc of UK. In this way, the company has raised more than Rs 1.75 lakh crore in total. Reliance Industries had net debt of Rs 1,61,035 crore as of 31 March 2020. The company said in a statement, “With these investments, RIL has become pure debt-free.

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