RIL shares hit all-time high; market capitalisation surges above Rs 12 lakh crore mark
Shares of Reliance Industries (RIL) climbed over 3.5 per cent to hit an all-time high on the BSE and National Stock Exchange (NSE) during the intraday trade on Monday, a day after the oil-to-telecom behemoth announced that Qualcomm Ventures, the investment arm of Qualcomm Incorporated, has picked up 0.15 per cent stake in Jio Platforms for Rs 730 crore. Qualcomm is the 12th investor in Jio Platforms in as many weeks.
During today’s trading session, the market capitalisation of the heavyweight firm also surged past Rs 12 lakh crore mark for the first time. At 11:35 am, the market capitalisation of RIL was at Rs 12,25,470.28 crore, as per the data available on the BSE.
Earlier in the day, the stock of the oil-to-telecom giant rallied 3.71 per cent from its Friday’s close to hit an all-time high of Rs 1,947.70 apiece on the NSE. On the BSE, it surged to a high of Rs 1,947.00 per share, rising 3.65 per cent.
The stock has been on a roll, having rallied 124.65 per cent from its 52-week low of Rs 866.98 hit on the NSE on March 23. The shares have been on the rise ever since the Mukesh Ambani-led conglomerate announced its plan to cut its net debt to zero by the end of March 2021.
Stake sales in its digital arm Jio Platforms and the country’s biggest rights issue in a span of two months made the company achieve its target of erasing its entire net debt last month itself.