Reliance’s market valuation crosses $200 bn; First Indian firm to do so
   Date :11-Sep-2020

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CONTINUING its rally, shares of Reliance Industries Ltd on Thursday closed over 7 per cent higher, helping its market valuation cross the USD 200 billion mark and become the first domestic firm to achieve the milestone. During the day, its market valuation jumped to Rs 15,84,908 crore (USD 215.75 billion) on the BSE.
The stock of the country’s most valuable firm rose by 7.10 per cent to close at Rs 2,314.65 on the BSE. During the day, it jumped 8.45 per cent to a record high of Rs 2,343.90. On the NSE, it gained 7.29 per cent to close at Rs 2,319 after hitting a lifetime high of Rs 2,344.95, up 8.49 per cent during the day. In the previous session too, it had closed with nearly 3 per cent gain. At close of trade on the BSE, RIL’s market valuation rose to Rs 14,67,350.26 crore (USD 199.74 billion).
The company’s market capitalisation rose by Rs 97,246.46 to Rs 14,67,350.26 crore from Rs 13,70,103.80 crore in the previous trade. “RIL displayed its dominance in the index by crossing the MCAP of Rs 15 lakh crore today,” said S Ranganathan, Head of Research at LKP Securities. During the day media reports surfaced that Indian billionaire Mukesh Ambani’s Reliance Industries is offering to sell a roughly USD 20 billion stake in its retail business to Amazon.Com Inc.
Traders said the uptick in the counter was largely after reports surfaced that a number of investors are likely to invest in the retail arm of Reliance Industries. On Wednesday, it was announced that United States private equity firm Silver Lake Partners would buy 1.75 per cent stake in RIL’s retail arm for Rs 7,500 crore.