Share price of Reliance Industries Ltd (RIL) hit a record high of Rs 1,978, nearing Rs 2,000 mark as chairman Mukesh Ambani opened the firm's 43rd Annual General Meeting on virtual platform today. Reliance Industries share gained 3.23% to hit all-time high of Rs 1,978 compared to the previous close of Rs 1,916 on BSE. RIL share price opened at Rs 1,938 and also touched an intraday low of Rs 1,935 on BSE.
In the current session, market cap of the firm rose to Rs 12.44 lakh crore. Reliance Industries stock price trades higher than 5, 20, 50, 100 and 200-day moving averages.
The RIL stock has risen 9.26% in one week, 21% in one montth and 29% since the beginning of the year 2020.
Announcing the arrival of internet and search engine gaint Google as latest investor in Jio Platforms, Ambani said the firm will infuse Rs 33,737 crore in Reliance Industries digital arm by buying a 7.7 stake.
Investors are keeping a close watch on the AGM today as Ambani is expected to make other major announcements at the event. Several key announcements, including plans for Jio Platforms listing, Jio Fiber trajectory services, and details of JioMeet, are expected to be revealed at the AGM.
Ambani also announced that Jio has designed and developed a complete 5G solution from scratch. It will be ready for trials as soon as 5G spectrum is available and can be ready for field deployment next year.
Millions of RIL shareholders have tuned into the meeting, which started at 2 PM via video conferencing today. In June, Ambani announced RIL became debt free months ahead of its March 31, 2021 target.
The large cap stock hit a fresh 52-week low of Rs 867 on March 23, 2020. Since then, the stock has gained nearly 125% on BSE. Total 2.27 lakh shares changed hands on BSE amounting to turnover of Rs 44.04 crore. On July 13, RIL became the first Indian firm to cross the market capitalisation of Rs 12 lakh crore after its stock climbed to fresh high of Rs 1,947.