Reliance Industries Limited (RIL) share extended gains for the fourth day and hit all-time high of Rs 2,343 amid reports that US private equity firm Silver Lake Partners bought 1.75 per cent stake in Reliance Retail for Rs 7,500 crore.
Share price of RIL gained 8.4% to hit a fresh high of Rs 2,343 compared to the previous close of Rs 2,161 on BSE. Market cap of the firm rose to Rs 14.48 lakh crore on BSE. This is the second consecutive sessions that market cap of RIL remained above Rs 14 lakh crore making it the most valuable company on Indian bourses.
The large cap stock hit a fresh 52-week low of Rs 867 on March 23, 2020. Since then, the stock has gained 170% on BSE.
Total 15.21 lakh shares changed hands on BSE amounting to turnover of Rs 343.53 crore.
The large cap stock gained 11.82% in the last 4 days.
RIL stock price has gained 5.18% in one week and 4.81% in one month. It has gained 46.72% since the beginning of this year and risen 81.78% during last one year. RIL stock trades higher than its 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Later the share closed 7.10% or Rs 153 higher at Rs 2,314 on BSE.
After opening at Rs 2,183, the stock touched a high of Rs 2344 and low of 2175 on the NSE.
On Nifty, the stock gained 8.4% to Rs 2344 compared to the previous close of Rs 2161.Later, the share closed 7,29% higher at Rs 2,319 on NSE.
On Wednesday RIL said tech investor Silver Lake Partners would invest Rs 7,500 crore ($1 billion) in Mukesh Ambani's Reliance Retail Ltd, a Reliance Industries Ltd subsidiary, for a 1.75 per cent equity stake on a fully diluted basis. This is the second investment by Silver Lake in an RIL subsidiary after the infusion of Rs 10,200 crore in Jio Platforms Ltd earlier this year.
"We believe technology will be key to bringing the much-needed transformation in this sector so that various constituents of the retail ecosystem can collaborate to build inclusive growth platforms. Silver Lake will be an invaluable partner in implementing our vision for Indian Retail," Mukesh Ambani, Chairman and Managing Director, Reliance Industries, said.