Mukesh Ambani's RIL Becomes First Indian Firm To Hit Rs 12 Lakh Crore Market Valuation

 - Sakshi Post

Reliance Industries on Monday became the first Indian firm to hit a market valuation of Rs 12 lakh crore. The market evaluation of billionaire Mukesh Ambani-led RIL now stands at Rs 12.16 lakh crore, or $163.1 billion, helped by a continuous rise in share value after the firm bagged 12th foreign investment for its digital arm Jio Platforms on Friday.

In the intraday trade, shares of RIL closed  at Rs 1,851.40, up 63.90 points or 3.57 percent on BSE. RIL is followed by Tata Consultancy Services (TCS) and HDFC Bank on the market capitalization list.

Jio Platforms, the digital subsidiary of RIL, has raised Rs 1,17,588.45 crore from leading technology investors. Some of the global companies which have invested in Jio Platforms since April 22, 2020, include Facebook, Vista Equity Partners, Silver Lake, KKR, General Atlantic, Mubadala, TPG, ADIA, Saudi Arabia’s Public Investment Fund (PIF) and L Catterton. These investments have helped RIL to maintain a steady growth on the share market.

The stock price of RIL has increased by 15.73 per cent in one month and by 20.81 percent since the beginning of this year. In the last 12 months, RIL has gained 44.87 percent. On 23 March 2020 due to the coronavirus stimulated slump, the share had reached its 52-week low of Rs 867.82. On June 18, Reliance Industries said it has sold a 2.32 percent stake in its digital unit to Saudi Arabia's Public Investment Fund for Rs. 11,367 crore.

On July 3, Intel has made huge investment of Rs 1,894.50 crore into Mukesh Ambani's Reliance Industries' Jio Platforms. Intel made this deal for a 0.39 per cent equity stake in India’s top telecom operator Jio platforms, and the equity value will be Rs 4.91 trillion and the enterprise value will be Rs 5.16 trillion.

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