Reliance Industries share price extended gains this week after the Mukesh Ambani-owned conglomerate's telecom arm Reliance Jio sold minority stake to social media firm Facebook for $5.7 billion (Rs 43,574 crore). The large cap stock has gained 19.25% in four sessions since the deal between Facebook and Reliance Jio was announced on Wednesday. Facebook will own a 9.99% equity stake in Jio Platforms on a fully diluted basis. Reliance Industries share price gained up to 4.40% to Rs 1,474 compared to the previous close of Rs 1417 on BSE.
On Nifty too, Reliance Industries share price gained up to 4.09% to Rs 1,475 compared to previous close of Rs 1,417. The stock opened at Rs 1,434. Total 7.17 lakh shares changed hands on BSE amounting to turnover of Rs 104.56 crore. Market cap of the firm rose to Rs 9.22 lakh crore on BSE.
RIL stock trades higher than its 5, 20 and 50 day moving averages but lower than 100 and 200-day moving averages. RIL stock price has gained 16.43% in one week and 36.04 % in one month. However, it is down 4.27% since the beginning of this year. The large cap stock has gained 19.25% in four sessions since the deal between Facebook and Reliance Jio was announced on Wednesday.
The stock closed at Rs 1,236 on Tuesday last week and hit intra day high of Rs 1,474 in today's session. Last week, the stock surged 14.64% rising up to Rs 1,417 on BSE.
Reliance Industries share has gained 68.45% in more than a month. On March 23 , the stock hit its 52-week low of Rs 875 . Since then, it has gained nearly Rs 600.
The investment makes Facebook largest minority shareholder in Jio Platforms Limited. Facebook said it would focus on collaborating its messaging platform WhatsApp with Reliance's e-commerce venture JioMart to enable people to connect with small businesses.
After the Reliance Jio-Facebook deal was announced, Mukesh Ambani's wealth surged to make him Asia's richest man surpassing Jack Ma. Ambani's fortune rose by $4.69 billion to $49.2 billion after Reliance Industries gained 10 per cent, according to the Bloomberg Billionaires Index on April 23.
The ranking that changes after the close of every trading day in the US placed Ambani ($3.2 billion) ahead of Jack Ma's ($46 billion). Before the deal, Ambani's fortunes had seen a decline of $14 billion on the index in 2020.
In early March, Jack Ma had surpassed Mukesh Ambani to become Asia's richest man after oil saw the biggest plunge in 29 years. While Reliance Industries were impacted, the damage for Ma's Alibaba Holdings was mitigated by the demand for its cloud computing services and mobile apps.
Facebook said it would focus on collaborating its messaging platform WhatsApp with Reliance Jio's e-commerce venture JioMart and help people connect with small businesses.