RIL's market valuation crosses Rs 11.5 lakh cr mark
Reliance Industries Limited's market valuation on Monday crossed Rs 11.5 lakh crore on the account of rise in its share price.
The heavyweight stock jumped 2.55 percent to a record high of Rs 1,833.10 on the BSE.
On the NSE, it gained 2.55 percent to an all-time high of Rs 1,833.50. Its market valuation rose by Rs 26,150.05 crore to Rs 11,59,318.60 crore during the morning trade.
Reliance Industries Chairman Mukesh Ambani
Reliance Industries, the country's most valued firm, last month became the first Indian company to cross the Rs 11 lakh crore market valuation mark.
Shares of Reliance Industries on Friday rose by nearly two percent after announcement that Intel Capital will buy 0.39 percent stake in Jio Platforms. The deal follows many investors buying stake in Jio platforms. Facebook picked up a 9.99 percent stake in the firm that houses India's youngest but largest telecom firm on April 22 for Rs 43,574 crore. Within days of that deal, Silver Lake — the world's largest tech investor — bought a 1.15 percent stake in Jio Platforms for Rs 5,665.75 crore on May 4.
Earlier in June, Reliance Industries became the first Indian firm to hit a market valuation of $150 billion helped by a continuous rally in its share price.
Its market valuation crossed Rs 11 lakh crore in the previous session as its share price rallied over 6 percent after Chairman Mukesh Ambani announced that his oil-to-telecom conglomerate had become net debt-free.
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 Industries 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.
(Disclaimer: Additional background information has been added to this PTI copy for context)