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Reliance Industries 1st Indian company to hit $150 billion market cap; Mukesh Ambani in world's top 10 richest

RIL's valuation zoomed Rs 28,248.97 crore to Rs 11,43,667 crore ($150 billion) on the BSE in the early trade

twitter-logoBusinessToday.In | June 22, 2020 | Updated 13:35 IST
Reliance Industries 1st Indian company to hit $150 billion market cap; Mukesh Ambani in world's top 10 richest
RIL Chairman Mukesh Ambani

Reliance Industries Limited (RIL) on Monday became the first Indian company to touch a market capitalisation of $150 billion buoyed by a steady rally in its share price. RIL's valuation zoomed Rs 28,248.97 crore to Rs 11,43,667 crore ($150 billion) on the BSE in the early trade. The scrip surged 2.53 per cent to an all time high of Rs 1,804.10 on the BSE. On the NSE, the shares jumped by 2.54 per cent to a record high of Rs 1,804.20. Shares of RIL were trading at Rs 1,762.00, or up 2.50 points, or 0.14 per cent on BSE at the time of reporting. So far this year, the company's stock has gained over 19 per cent. On Friday, RIL had become the first Indian company to cross the Rs 11 lakh crore market valuation mark.

RIL's market valuation crossed Rs 11 lakh crore in the previous session as its share price rallied over 6 per cent after chairman and managing director Mukesh Ambani announced that his oil-to-telecom conglomerate had become net debt-free. Ambani announced that RIL had become net debt-free after raising a record Rs 1.69 lakh crore from global investors and a rights issue in under two months.

RIL raised 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, and another Rs 53,124.20 crore through a rights issue in the past 58 days. Taken together with last year's sale of 49 per cent stake in fuel retailing venture to BP Plc of UK for Rs 7,000 crore, the total fund raised is in excess of Rs 1.75 lakh crore, the company said.

Meanwhile, Mukesh Ambani today became the ninth richest person in the world after the share price of the company hit the Rs 1,800 mark for the first time. On the Bloomberg Billionaires Index, the real-time net worth of Mukesh Ambani climbed to $64.5 billion, a rise of $4.18 billion compared to the previous day.

Ambani has now surpassed Larry Ellison of Oracle Corp. and France's Francoise Bettencourt Meyers, the wealthiest woman, making him the only Asian tycoon in the exclusive club of the  world's top 10 richest people.

Also read: Mukesh Ambani becomes 9th richest person after RIL share hits fresh high

Also read: Petrol price nears Rs 80 in Delhi, diesel at all-time high

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