Reliance Industries became India’s first $150 bn company after a sharp jump in Friday’s session of NSE. In terms of Indian Rupees, the company is now valued at Rs 11 lakh crore. RIL took 59 sessions to double its investors’ money as the domestic equity market goes under-recovery. RIL shares touched an all-time high of Rs 1,738.95 on Friday. RIL shares surged 7% to the day’s high of Rs 1,788.60, which is also a record high for the scrip.
Reliance Industries is now part of the most valued energy companies in the world. It holds a market cap of more than that of Total SA, Royal Dutch Shell, BP but lower than Exxon Mobil, Chevron, and the most valued energy company Saudi Aramco.
The company shares were in the limelight in Friday’s trade after RIL announced that it has now become net debt-free. In under two months, the company has raised investments with a record of Rs 1.69 lakh crore from global investors and a rights issue.
Reliance 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 Ltd, and another Rs 53,124.20 crore through a rights issue in the past 58 days. Taken together with last year’s sale of 49% stake in fuel retailing venture to BP Plc of UK for Rs 7,000 crore, the total fund raised is in excess of Rs 1.75 lakh crore, the company said in a statement.
Reliance had net debt of Rs 1,61,035 crore as on March 31, 2020. “With these investments, RIL has become net debt-free,” RIL said in a release. Jyoti Roy, DVP Equity Strategist, Angel Broking said, “The company has built up a dominant presence in refining, petrochemicals, telecom and retail businesses. 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 its digital business in the future.”
We offer heartiest congratulations to Reliance Industries on becoming India’s first $150 bn company.
