Reliance Industries Ltd climbs 48th rank in most valued companies globally
Indian Billionaire Mukesh Ambani’s Reliance Industries Ltd has climbed 48th rank in the top 50 most valued companies globally after it became the first Indian company with a market capitalisation of over ₹13 trillion. Saudi Aramco is the company with the highest market cap of $1.7 trillion which is followed by Apple, Microsoft, Amazon, and Alphabet.
Reliance Industries (RIL) share price reached another fresh all-time high for the third straight day on Friday, rising nearly 4 per cent to hit Rs 2,139.95. The company jumped to Rs 13 lakh crore m-cap from Rs 12 lakh crore in just eight trading sessions and made a position into the top 50 most valued companies globally.
With today’s surge, Reliance Industries stock price has now zoomed 146.5 per cent from March lows of Rs 868 apiece.
At 9.53 AM, Reliance Industries shares were trading 3.41 per cent higher at Rs 2,131 apiece on BSE, as compared to a 0.55 per cent fall in the benchmark S&P BSE Sensex. Along with the recent investment deal by Google, Reliance has raised Rs 1.52 lakh crore in exchange for a total of 32.8 per cent equity stake sale in its digital arm Jio Platforms. The highest stake of 9.99 per cent, so far, has been picked up by the social media giant Facebook in April this year, for Rs 43,573.62 crore. Along with the back to back investments from global technology investors in Jio Platforms, Reliance Industries raised funds through Rs 53,124 crore mega rights issue and sale to British energy giant BP in the petro-retail joint venture. The company has become net debt-free nine months ahead of its deadline of March 2021.
Earlier this week, the oil to telecom conglomerate informed the exchanges that the company will be announcing its April-June quarter results on July 30, instead of on Friday, July 24, 2020, as intimated earlier. Besides, the company in its 43rd annual general meeting (AGM), announced that Google and Jio will join hands to develop an affordable smartphone and an Android OS. Mukesh Ambani said that Jio is working
