Business / Reliance Industries becomes 1st Indian firm to hit ₹12 lakh crore market cap

Mumbai: Mukesh Ambani-led Reliance Industries (RIL) share price hit a fresh all-time high of Rs 1,938.80 apiece on BSE, up 3.21 per cent in Monday’s session to become the first Indian company to hit a market capitalisation of Rs 12 lakh crore. In a span of less than a month, RIL market capitalisation added over Rs 1 lakh crore to touch Rs 12.24 lakh crore. RIL share price has been on a gaining spree since April this year owing to the back to back investments from 12 global investors. With today’s surge in the stock price, RIL has rallied over 123 per cent from its March lows. In the latest round of investment, oil-to-telecom conglomerate raised Rs 730 crore from wireless technology leader Qualcomm Ventures by selling 0.15 per cent equity stake in Jio Platforms.

“Reliance Industries continues to surge on the back of multiple news flows. Investors are bullish on the business at the current price too. The money flow in the company will reduce its debt burden considerably. In the process, it has managed to cross the market cap of Rs 12 lakh crore. Technically speaking till the time it is above 1750 it may reach the target of 2033-2070,” Vishal Wagh, Head of Research, Bonanza Portfolio Ltd, told Financial Express Online. Since April this year, RIL has raised a total investment of Rs 1.18 lakh crore for an equity stake of 25.24 per cent in Jio Platforms.

Reliance Industries is scheduled to hold its first virtual annual general meeting (AGM) of shareholders through video conferencing or other audio-visual means on Wednesday, July 13. Around 10 AM, RIL shares were trading at Rs 1,927.20 apiece, up 2.6 per cent as compared to a 0.76 per cent rise in the benchmark S&P BSE Sensex.

RIL shares have hit a record high thrice since the past one week. RIL in a regulatory filing on Tuesday last week, informed that Jio Platforms has received Rs 43,574 crore investment from Facebook. It also disclosed that the company has closed investment deals with four investors. Reliance received a total of Rs 30,062.43 crore from L Catterton, The Public Investment Fund, Silver Lake and General Atlantic by selling 6.13 per cent stake in Jio Platforms.

On the back of 13 investments in its digital arm Jio Platforms and Rs 53,124 crore mega rights issue, Reliance Industries became net debt-free nine months ahead of its March 2021 deadline.