Reliance Industries Market Value Tops Rs 11 Lakh Crore As Company Becomes Net Debt-Free
- Reliance Industries said it has raised more than Rs 1,68,818 crore in 58 days, through stake sales in its digital arm (Rs 1.16 lakh crore) and a rights issue (over Rs 53,100 crore).
- The group said it has become net debt-free with these investments. Its net-debt had stood at Rs 1,61,035 crore as of March 31, 2020.
- With today's spike in stock price, investors' wealth in Reliance Industries rose by Rs 84,000 crore in one day.
- Heavyweight Reliance Industries also boosted the equity markets, with the stock alone contributing more than 300 points to the gain in the benchmark S&P BSE Sensex index.
- Reliance Industries is now "in its golden decade", said chairman and managing director Mukesh Ambani, as his group achieved the goal of becoming net debt-free many months ahead of the targeted March 2021.Â
- "I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of 31st March 2021," Mr Ambani said.
- The billionaire had announced the target at the company's 42nd annual general meeting in August last year, saying the group has "a very clear road map" to make it happen within the next 18 months.
- Earlier this month, Reliance Industries' rights issue was subscribed 1.59 times, which the company said was "not only the largest ever in India, but also the largest in the world by a non-financial entity in the last ten years".
- Reliance Industries sold a total 24.70 per cent stake in Jio Platforms in 11 deals for Rs 1,15,693.95 crore within nine weeks starting April 22.
- Reliance Industries shares surged 6.2 per cent to close at Rs 1,759.50. The stock sharply outperformed the Sensex which ended 1.5 per cent higher.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
-
Medicine Pricing: Where Must Profit Stop?
India must confront excessive margins, hidden incentives and regulatory gaps that threaten the integrity of medicine.
-
Why Amazon And Flipkart Are Struggling To Beat Meesho In India's Smaller Cities
With 274 million users and lowest-cost logistics, Meesho is defending its value commerce crown against giants like Amazon and Flipkart.
