Reliance Industries Shares Zoom 2.9% Post Qualcomm Investment; Market Cap Crosses ₹12 Trillion

The shares on the BSE were trading at Rs 1,933, higher by Rs 54.50 or 2.90 per cent from its previous close

By: ABP News Bureau | Updated at : 13 Jul 2020 11:24 AM (IST)

RIL stock zooms to hit fresh high after Qualcomm deal; market cap crosses ₹12 trillion Reliance Industries Shares Zoom 2.9% Post Qualcomm Investment; Market Cap Crosses ₹12 Trillion

New Delhi, July 13: As domestic markets opened the week on a strong note on Monday, Reliance Industries Ltd (RIL) became the first Indian company to reach a market capitalisation of ₹12 trillion as its shares doubled since mid-March. Also Read: Sensex Up 280 points To Breach 36,880 Levels, Nifty Conquers 10,800-mark, IndusInd Bank, RIL, Tata Steel Among Top Sensex Gainers The shares rallied to touch a fresh high of Rs 1,938.80. Around 10 am, RIL's market capitalisation was at over Rs 12.23 lakh crore. Its shares on the BSE were trading at Rs 1,933, higher by Rs 54.50 or 2.90 per cent from its previous close, as per news agency IANS. Shares rallied over 120 per cent since mid-March. The company has received a series of investments with the latest being Qualcomm Ventures, the investment arm of Qualcomm Inc, which announced ₹730 crore investment for a 0.15 per cent stake in Jio Platforms Ltd. It became the 12th such investment in the digital services subsidiary of RIL in over three months. RIL gained since the oil-to-telecom conglomerate announced cutting its net debt to zero by March 2021 and stake sales in its digital arm Jio Platforms. It will hold the annual general meeting this week. With this, RIL has sold a total of 25.24 per cent stake in Jio Platforms to Facebook, General Atlantic, TPG, KKR, Silver Lake, L Catterton, Vista Equity Partners, Abu Dhabi Investment Authority, Mubadala Investment Company, and Public Investment Fund (PIF), Intel Capital and Qualcomm Ventures, raising Rs118,318.45 crore. RIL also raised ₹53,124 crore through a rights issue. Its net debt was at ₹1.61 trillion as of 31 March. With all these investments pouring, it is now a net debt-free company, Reliance had said.

Published at : 13 Jul 2020 11:24 AM (IST) Tags: Qualcomm Inc RIL market cap reliance industries

Follow Breaking News on abp LIVE for more latest stories and trending topics. Watch breaking news and top headlines online on abp News LIVE TV

Reliance Industries Shares Zoom 2.9% Post Qualcomm Investment; Market Cap Crosses ₹12 Trillion

The shares on the BSE were trading at Rs 1,933, higher by Rs 54.50 or 2.90 per cent from its previous close

Related Stories

Top Stories

Live News Today

Entertainment News

Sports

PIN Code Finder

Weather

ABP NEWS GROUP WEBSITES