Reliance Shares Hit Record High, Market Value Tops Rs 14 Lakh Crore For First Time
Billionaire Mukesh Ambani-led Reliance Industries' shares soared to a record high on Thursday, continuing to rise a day after the conglomerate announced a Rs 7,500-crore investment from private equity firm Silver Lake for its retail business. That marked the first time the conglomerate's market value crossed the Rs 14 lakh crore mark, as it retained its positions as the country's most valuable company. The Reliance Industries Limited (RIL) stock rose 8.45 per cent to a record Rs 2,343.90 apiece on the BSE, having started the day stronger at Rs 2,185.00 compared to its previous close of Rs 2,161.25.
At 1:57 pm, Reliance Industries shares traded 6.84 per cent higher at Rs 2,309.15 apiece on the bourse, outperforming the benchmark S&P BSE Sensex index which was up 1.07 per cent tracking a rebound in global markets. Reliance Industries' market capitalisation (M-Cap) was at Rs 14.64 lakh crore at this level.
Currently, Reliance Industries is the only Indian company to hold a double-digit lakh crore market value in rupee terms.
Reliance Industries is far ahead of the country's largest software company, Tata Consultancy Services (TCS), which has a market capitalisation of Rs 8.78 lakh crore, and the country's largest lender HDFC Bank (Rs 6.05 lakh crore) - both calculated at the current share prices.
The Reliance Industries stock has broken a series of records in the recent past.
The deal with US-based Silver Lake is likely to bolster RIL's retail presence in the domestic market. The private equity company had earlier infused $1.35 billion in Reliance Industries' digital services arm, Jio Platforms.
Reliance Industries has been aggressively building its retail business as it looks to attract potential investors over the next few quarters.
Silver Lake Partners is among global investors, including tech giants Facebook and Google, bullish on the Reliance Industries group businesses.
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Those investments along with its partnership with global oil major BP and a rights issue worth Rs 53,000 crore helped Reliance Industries become net debt-free in June, much ahead of its target of March 2021.