Reliance Industries on Thursday i.e. 10th September became the first Indian company to have a market capitalisation of over $200 billion after its shares touched a record high of Rs 2,344.95, up over 8%. Investors turned bullish on the stock after the Mukesh Ambani-led conglomerate raised Rs 7,500 crore from US private equity investor Silver Lake by selling 1.75% stake in Reliance Retail Ventures Ltd (RRVL), the holding company of its retail assets.
At the day’s highest points of Rs 2,344.95, RIL’s market capitalisation stood at Rs 14.70 lakh crore while the market value of its partly paid rights shares rose to Rs 58,800 crore, taking the combined market capitalisation of RIL to Rs 15.28 lakh crore or $208 billion.
Jyoti Roy, DVP- Equity Strategist, Angel Broking Ltd said, “Further investments in the retail business and scaling up of Jio Mart business will be key triggers for the company in the near future. Listing of the digital and retail business over the next few years would also lead to significant value unlocking for shareholders in the long run. We continue to maintain our buy rating on reliance Industries with a target of Rs 2,366.”
According to a report in the Economic Times, Mukesh Ambani, Asia’s richest person is aiming to raise in excess of Rs 60,000 crore by selling up to 15% stake in its retail business. The company has reportedly offered to sell stake to all the investors who invested money in Jio platforms in the last fundraising round that helped the oil-retail-telecom conglomerate raise $20 billion, making it net debt free much ahead of the deadline set by Mr Ambani in 2019 AGM of the company.
As of 03:07 pm, RIL shares traded 6.98% higher at Rs 2,312.20 apiece, outperforming the broader Sensex, which was up 626.81 points or 1.64%.
