High on its stock surge, Reliance Industries (RIL) has become the first company to breach Rs 12 lakh crore market cap in India. RIL hit a fresh record high of Rs 1,847.7, advancing 3.4 per cent, on the BSE on Monday after the company bagged 12th foreign investment for its digital arm Jio Platforms on Friday.
The oil-to-telecom behemoth announced a stake sale of 0.39 per cent in its digital services subsidiary to Intel Capital for Rs 1,894.50 crore. The company had breached the Rs 11 trillion m-cap-mark on June 19 when it announced that it has become net-debt free well ahead of its deadline of March 2021.
On April 22, when the company announced Facebook's Rs 43,574-crore investment in Jio Platforms for a 9.99 percent stake, the m-cap was Rs 7.83 lakh crore. In just 11 weeks, the stock's m-cap surged by over Rs 3.7 lakh crore.
On Monday, Sensex rose 600 points, while Nifty topped 10,800 buoyed by bank stocks and RIL.
According to traders, domestic indices rallied on positive sentiment led by hopes of a COVID-19 vaccine, improving macroeconomic conditions and massive buying-interest in global benchmarks despite surging coronavirus cases across the world.
Bourses in Shanghai, Hong Kong, Tokyo and Seoul soared up to 4 per cent on hopes of more government stimulus to support economic recovery. Meanwhile, international oil benchmark Brent crude futures rose 0.63 per cent to $43.07 per barrel.
