STOCK MARKET BSE NSE

Reliance Industries shares maintain winning run for seventh day; m-cap crosses Rs 14 lakh crore mark

After record fundraising and debt prepayments, Reliance Industries now has a strong balance-sheet with high liquidity that will support growth plans.

Published: 03rd June 2021 12:58 PM  |   Last Updated: 03rd June 2021 12:58 PM   |  A+A-

Reliance Industries Limited

Reliance Industries Limited (File Photo | Reuters)

By PTI

NEW DELHI: Shares of Reliance Industries Ltd extended its rally for the seventh consecutive day on Thursday and its market valuation crossed the Rs 14 lakh crore mark in morning trade. The market heavyweight stock has jumped 14.53 per cent in seven trading sessions to hit a high of Rs 2,250 on Thursday.

Following the upbeat sentiment, the company's market valuation has reached Rs 14,04,123.26 crore on Thursday.

After record fundraising and debt prepayments, Reliance Industries now has a strong balance-sheet with high liquidity that will support growth plans for its three hyper-growth engines - telecom arm Jio, retail and oil-to-chemicals business, firm's Chairman and MD Mukesh Ambani said.

In the company's latest annual report released on Wednesday, he said that the company sold minority stakes in Jio Platforms - the unit that houses its telecom and digital business - and retail arm for almost Rs 2 lakh crore, 49 per cent in fuel retailing venture for Rs 7,629 crore and raised another Rs 53,124 crore through rights issue. "We now have a strong balance-sheet with high liquidity that will support growth plans for our three hyper-growth engines Jio, Retail and O2C," he said.

During 2020-21, Reliance completed India's largest ever Rights Issue of Rs 53,124 crore (oversubscribed by 1.59 times), which was also the largest in the world by a non-financial institution in the last 10 years.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp