Reliance Industries Ltd (RIL) market capitalisation rose to the highest today as a percentage of market cap of all companies listed on NSE since December 31, 2018. Market cap of Reliance Industries climbed to Rs 11.52 lakh crore comprising 8.53% of the total market cap of Rs 135.02 lakh crore on NSE. This is the highest percentage when compared with market cap of Reliance and NSE on December 31, 2019 and December 31, 2018.
On December 31, 2019, the percentage of RIL market cap compared to market cap of NSE stood at 6.22%. While RIL's market cap stood at Rs 9.59 lakh crore, market cap of all firms on NSE was recorded at Rs 154.31 lakh crore.
Similarly, RIL's market cap on December 31, 2018 stood at Rs 7.10 lakh crore against NSE's market cap of Rs 142.79 lakh crore. The percantage of RIL market cap
stood at 4.98% compared to NSE market cap in the same session.
RIL share hit all-time high of Rs 1788 on NSE compared to the previous close of Rs 1655. On BSE too, the stock gained 8% to touch all-time high of Rs 1,788. The stock rallied today after chairman and MD Mukesh Ambani said Reliance Industries had become net debt-free months ahead of its March 2021 target. The feat of making RIL debt free turned investors and traders upbeat over the stock.
In August 2019, chairman Mukesh Ambani had said the firm planned to become debt-free by March 31, 2021.
Market capitalisation of Reliance Industries crossed Rs 11 lakh crore, making it the first Indian firm to reach the historic mark. It went up to Rs 11.18 lakh crore at 3:30 pm. The stock closed 6.51% higher at Rs 1,764 on BSE.
RIL on Thursday said it had become net debt-free after stake sale in Jio Platforms. Jio Platforms has raised Rs 115,693.95 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton and PIF since April 22, 2020. PIF's investment marks the end of Jio Platforms' current phase of induction of financial partners.
On Thursday, Saudi Arabia-based Public Investment Fund (PIF) became the 11th investor to announce fund infusion in Jio Platforms. PIF will invest Rs 11,367 crore for a 2.32 per cent equity stake in Mukesh Ambani's Jio Platforms Limited on a fully diluted basis. The investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.
With this, Jio has seen 11th investment in mere 9 weeks. Along with the stake sale to BP in the petro-retail JV, the total fund raise is in excess of Rs 1.75 lakh crore, the firm said.