Reliance Industries Market Value Crosses Rs 12 Lakh Crore As Shares Rise Above 3%

Reliance Industries’ market capitalisation crossed Rs 12 lakh crore on Monday

Market capitalisation (m-cap) of Reliance Industries Limited (RIL) crossed the Rs 12 lakh crore mark in Monday’s trading as the company’s shares rose more than 3 per cent in morning trade. The oil-to-telecom conglomerates’s stock rose as much as 3.64 per cent to hit a fresh all-time high of Rs 1,947 per share. Consequently, the company’s m-cap also went past the Rs 12 lakh crore landmark. At 1:26 pm, Reliance Industries’ shares pared some gains and were up 2.50 per cent, while the m-cap stood at nearly Rs 12.21 lakh crore.

The uptick in RIL’s shares on Monday came on back of the latest investment that the company’s telecom arm Jio Platforms bagged from Qualcomm Ventures, on Sunday. 

The company, on Sunday, announced that Qualcomm Ventures, the investment arm of Qualcomm Incorporated,  bought 0.15 per cent stake in Jio Platforms for Rs 730 crore. This is the thirteenth investment in Jio Platforms since April 22 and Jio Platforms has so far raised a whooping Rs 1.18 lakh  crore within a span of 12 weeks. Recent investors in Jio Platforms include the US-based Facebook, General Atlantic, KKR and Intel Corporation, Abu Dhabi-based Mubadala and Abu Dhabi Investment Authority, and Saudi Arabia’s Public Investment Fund.

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