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RIL share price hits 52-week high post L Catterton, TPG's investment in Jio Platforms

BusinessToday.In     June 15, 2020

Share price of Reliance Industries Ltd (RIL) rose 2.3% higher on Monday to touch a fresh 52-week high of Rs 1,626 after L Catterton announced it will invest Rs 1,894.50 crore for a 0.39% stake in company's digital arm Jio Platforms.

The investment from L Catterton, the world's largest consumer-focused private equity firm, is the tenth investment in the Reliance Industries (RIL) digital unit since the last seven weeks. Earlier, private equity firm TPG also announced that it has invested Rs 4,546.80 crore for a 0.93% stake.

Amid weakness in the general market trend, shares of RIL gave up early gains and traded volatile. However, by the latter half of the session, RIL share price gained 2.38% to the intraday high of Rs 1,626 on BSE.

RIL stock has risen 2.42% in one week, 10% in one month and 6.2% since the beginning of the year. Reliance Industries shares are trading higher than its 5, 20, 50, 100 and 200-day moving averages.

The stock has gained 5.1% in the last 2 days of consecutive gains. Market capitalisation of the firm stood at Rs 10.69 lakh crore as of today's session.

With this investment, Jio Platforms has raised Rs 104,326.95 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton since April 22.

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