RIL becomes first Indian firm to cross Rs 11 lakh crore market capitalisation

Reliance Industries on Friday became the first Indian company to cross Rs 11 lakh crore market capitalisation mark. Market capitalisation of the oil conglomerate stood at Rs 11.14 lakh crore, as of today's closing session. On Thursday, market capitalisation of RIL closed at Rs 10.85 lakh crore.

The rise in market cap of the firm came after the stock hit all-time high of Rs 1788 today rising 8% against the last closing value of Rs 1,656.25 on BSE.

The stock has risen 10.65% in one week and 25% in one month. Year-to-date, RIL has given 16% returns.

Company's chairman Mukesh Ambani announced that Reliance Industries is now debt-free and added, that he has "fulfilled the promise to shareholders much before the schedule of 31st March 2021.

Commenting on the development at RIL, Jyoti Roy, DVP Equity Strategist, Angel Broking said,"The company has built a dominant presence in refining, petrochemicals, telecom and retail businesses. Jio Platforms which houses the telecom business has attracted investments from marquee investors like Facebook, Silver Lake Partners, General Atlantic, KKR, etc. of Rs 1,15,694 crore."

"Investments by such marquee names in Jio platforms will not only help the company pay its debt but also reinforces our confidence in the management's ability to transform the company from a brick and mortar to a digital play. We believe that the digital and retail business will be key growth drivers for the company going forward and the proposed listing of the retail business over the next few years is along expected lines and will lead to a rerating for the company. We also expect a similar move by the company for it's a digital business in the future," Roy added.

It's raining cheques for Ambani! Saudi Arabia-based PIF to invest Rs 11,367 crore in Jio Platforms

In another update, the oil conglomerate yesterday announced that Saudi Arabia's Public Investment Fund is investing Rs 11,367 crore in Jio Platforms.

Mukesh Ambani's Jio Platforms has now raised Rs 1,15,693.95 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, and PIF since April 22. Reliance Industries' Rights Issue, subscribed 1.59 times, was largest in the world by a non-financial entity in 10 years. Reliance raised Rs 53,124 crore through the share sale.

Share  price of Reliance Industries closed at Rs 1,755 rising 6.01% or 102 points higher on BSE.

Mukesh Ambani fulfils promise to shareholders as RIL becomes net-debt free months before target