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Reliance Industries share price hits 52-week high on stake sale in Jio Platforms to Abu Dhabi fund

Share price of Reliance Industries gained 2.39% to hit a fresh yearly high of Rs 1,617 compared to the previous close of Rs 1579.95 on BSE

Aseem Thapliyal | June 5, 2020 | Updated 11:29 IST
RIL share hits 52-week high on stake sale in Jio Platforms to Abu Dhabi fund
Reliance Industries share price has gained 9% in the last 5 days. On Nifty, the stock gained 3.35% to Rs 1,474 compared to the previous close of Rs 1,426.75.

Reliance Industries share price hit a fresh 52-week high today after the Mukesh Ambani-led conglomerate announced the sale of 1.85 per cent stake in Jio Platforms to Abu Dhabi-based sovereign investor Mubadala for Rs 9,093.60 crore. This is the sixth fund infusion in RIL's digital unit in as many weeks amounting to a record Rs 87,655.35 crore investment to help it pare debt.

Share price of Reliance Industries gained 2.39% to hit a fresh yearly high of Rs 1,617 compared to the previous close of Rs 1579.95 on BSE. The large cap stock hit a fresh 52-week low of Rs 867 on March 23, 2020. Since then, the stock has gained 86.50% on BSE.

Reliance Industries stock has gained 9% in the last 5 days. On Nifty, the stock gained 3.35% to Rs 1,474 compared to the previous close of Rs 1,426.75. Total 2.75 lakh shares changed hands on BSE amounting to turnover of Rs 44.10 crore. Market cap of the firm rose to Rs 10.08 lakh crore on BSE.

RIL stock price has gained 8.69% in one week and 9% in one month. It has gained 17.87% since the beginning of this year and risen 5.18% during last one year.

RIL stock trades higher than its 5 day, 20 day, 50 day, 100 day and 200 day moving averages. On Nifty, the stock gained 2.46% to hit a fresh 52 week high of Rs 1,618 against previous close of Rs 1579.80.

Abu Dhabi's Mubadala to invest Rs 9,093.60 cr in Mukesh Ambani's Jio Platforms

Jio Platforms has raised a cumulative Rs 87,655.35 crore from technology investors such as Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR and Mubadala in less than six weeks.

Since announcement of Facebook's Rs 43,574-crore investment in Reliance Jio on April 22 which was the first among these investors, the RIL stock has gained 30.82%.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said Mubadala is one of the most astute and transformational global growth investors.

"Through my longstanding ties with Abu Dhabi, I have personally seen the impact of Mubadala''s work in diversifying and globally connecting the UAE''s knowledge-based economy. We look forward to benefitting from Mubadala''s experience and insights from supporting growth journeys across the world," Ambani said.

RIL share price gains 2% after firm raises Rs 84,000 crore through rights issue

Mukesh Ambani scores 5th cheque! KKR to invest Rs 11,367 cr into Jio Platforms

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