Share price of Reliance Industries Ltd (RIL) hit a record high today on report that Qualcomm Ventures, the investment arm of Qualcomm Incorporated, committed to invest up to Rs 730 crore for a 0.15 per cent equity stake in Jio Platforms. The announcement, which was made on weekend, pushed the market cap of Reliance Industries above Rs 12 lakh crore-a first for any Indian company.
Share price of Reliance Industries gained 3.65% to hit a fresh all time high of Rs 1,947 compared to the previous close of Rs 1,878.50 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 124% on BSE.
Total 6.83 lakh shares changed hands on BSE amounting to turnover of Rs 131.74 crore. RIL became the first Indian firm to cross the market capitalization of Rs 12 lakh crore.
Market cap of the firm rose to Rs 12.32 lakh crore on BSE in early trade. RIL stock price has gained 4.84% in one week and 22.17% in one month. It has gained 28.19% since the beginning of this year and risen 51.57% during last one year. RIL stock trades higher than its 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
This is the 13th deal secured by Jio Platforms in a span of 12 weeks, bringing the total funds raised by the company to Rs 1.18 lakh crore. The digital arm of Mukesh Ambani-led Reliance Industries has so far received investment from leading technology investors including Facebook, Silver Lake, Vista, General Atlantic, KKR, Mubadala, Silver Lake, ADIA, TPG Capital, L Catterton, and Public Investment Fund.Share Market LIVE: Sensex climbs over 300 points, Nifty at 10,867