RIL share hits all-time high after firm becomes net debt-free ahead of target
BusinessToday.In June 19, 2020
Reliance Industries Ltd (RIL) share price hit all-time high in early trade today after the firm said it has become net debt free after raising Rs 168,818 crore in just 58 days. In August 2019, chairman Mukesh Ambani had said the firm planned to become debt free by March 31, 2021.
The Mukesh Ambani-led firm said it raised Rs 115,693.95 crore from global tech investors and Rs 53,124.2 crore through rights issue. The stock has gained 3.39% in last two days.
RIL stock rose to all-time high of Rs 1,788.60 on BSE. The stock rose up to 8% or Rs 132 intraday against previous close of Rs 1656.25.
The large cap stock hit a fresh 52-week low of Rs 867 on March 23, 2020. Since then, the stock has gained 106% on BSE.
On Nifty, the stock rose to Rs 1,788 compared to the previous close of Rs 1655. Total 3.29 lakh shares changed hands on BSE amounting to turnover of Rs 55.21 crore. Market cap of the firm crossed Rs 11 lakh crore on BSE.
RIL stock price has gained 5.52% in one week and 19.06% in one month. It has gained 10.73% since the beginning of this year and risen 31.24% during last one year. RIL stock trades higher than its 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
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.
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.