Reliance Industries hits Rs 12 lakh crore market cap

The oil to telecom major Reliance Industries Ltd’s (RIL) market capitalisation crossed Rs 12 lakh crore. RIL hit…
Reliance Industries

The oil to telecom major Reliance Industries Ltd’s (RIL) market capitalisation crossed Rs 12 lakh crore. RIL hit a fresh record high of Rs 1,848, advancing 3.4 per cent, on the BSE on Monday after the company bagged 12th foreign investment for its digital arm Jio Platforms on Friday. 

The oil-to-telecom behemoth announced a stake sale of 0.39 per cent in its digital services subsidiary to Intel Capital for Rs 1,894.50 crore. The company had breached the Rs 11 trillion m-cap-mark on June 19 when it announced that it has become net-debt free well ahead of its deadline of March 2021.

On April 22, when the company announced Facebook’s Rs 43,574-crore investment in Jio Platforms for a 9.99 percent stake, the m-cap was Rs 7.83 lakh crore. In just 11 weeks, the stock’s m-cap surged by over Rs 3.7 lakh crore.

The company has raised a combined Rs 117,588.45 crore from some of the world’s leading tech investors led by Facebook for a stake in its digital arm, Jio Platforms.

Reliance Industries Jio Investors

Company will wait for stability and will concentrate on garnering more market share and increasing the ARPU. By March 2021, there will be time for a good listing of Jio Platforms.

In the last three months, several deals were struck and the company became debt-free, leading to a significant increase in investor appetite for the stock coupled with re-rating by many brokerage firms. Now, Reliance Industries is no longer an energy play but has become a tech play, with data becoming the new oil. Also, with the breakneck pace of digitalization post-COVID-19, Reliance becomes a major beneficiary, well poised to capture a significant pie of the online business.

Total
0
Shares
Related Posts