Shares of Reliance Industries Ltd (RIL) hit an all-time high of ₹1,908 on the BSE, up about 1.6% from Friday’s close, pushing its market capitalisation to ₹12.09 trillion – a record for an Indian company.
Since mid-March, the stock has risen over 120%.
The company’s market valuation zoomed Rs 34,195.13 crore to Rs 11,90,857.13 crore on the BSE.
Shares of RIL have been on a rise since the oil-to-telecom conglomerate announced its plan to cut its net debt to zero by March 2021 and stake sales in its digital arm Jio Platforms.
On Sunday, Qualcomm Ventures, the investment arm of Qualcomm Inc., said it will invest ₹730 crore for a 0.15% stake in Jio Platforms Ltd, becoming the 12th entity to invest in the digital services subsidiary of RIL in over three months.
RIL has sold a total of 25.24% stake in Jio Platforms to Facebook, General Atlantic, TPG, KKR, Silver Lake, L Catterton, Vista Equity Partners, Abu Dhabi Investment Authority, Mubadala Investment Company, and Public Investment Fund (PIF), Intel Capital and Qualcomm Ventures, raising Rs118,318.45 crore.
RIL also raised ₹53,124 crore through a rights issue. Its net debt was at ₹1.61 trillion as of 31 March. With these investment, it is now a net debt free company, Reliance had said.