RIL becomes India’s first $150 bn company stock price get double in 59 sessions
The oil-to-telecom behemoth Reliance Industries became the first Indian company to be valued at $150 billion that is 11 lakh crores by taking a sharp jump on Friday.
RIL takes around 59 sessions to the double investor’s money amid the ongoing recovery in the domestic equity market. The company reached a record of Rs 1.69 lakh crore from global investors and a rights issue in under two months.
Reliance raised about 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. The net debt of Reliance is Rs 1,61,035 crore as on March 31, 2020.
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.”