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RIL Market Value Higher Than Combined Market-Cap Of Top 3 Private Banks

Reliance Industries has become net debt free last week after it closed the last Jio Platforms' deal which was with Saudi Arabia's Public Investment Fund.

Jun 22, 2020 / 02:55 PM IST

The market-cap of Reliance Industries on June 22 surpassed the combined market value of top three private sector banks.

The billionaire Mukesh Ambani-owned company's stock has been gaining currency since it started announcing deals with tech companies and marquee investment firms. It crossed m-cap of Rs 11 lakh crore.

The stock touched record high of Rs 1,804.10 today, amounting to m-cap of Rs 11,43,691.76 crore, or $150 billion. It gained a whopping 108 percent from its March lows and retained the top slot among Nifty50 stocks, doubling shareholders' money in just three months.

At 12.30 pm, it was trading at Rs 1,768, up 0.48 percent with a market cap of Rs 11,20,774.83 crore, which was much higher than combined market value of Rs 10,73,613.94 crore of top three private sector banks - HDFC Bank, ICICI Bank and Kotak Mahindra Bank.

HDFC Bank (at Rs 1,039.95, up 0.61 percent) has current market capitalisation of Rs 5,70,961.52 crore, Kotak Mahindra Bank (at Rs 1,331.80, up 2.29 percent) Rs 2,63,507.48 crore and ICICI Bank (at Rs 369.20, up 1.46 percent) Rs 2,39,144.94 crore.

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RIL's market cap was also higher than the HDFC Group which is valued at Rs 10,45,433.95 crore. HDFC has market cap of Rs 3,17,367.24 crore, HDFC Life Rs 1,04,249.90 crore and HDFC AMC Rs 52,855.29 crore.

Reliance Industries has become net debt free last week after it closed the last Jio Platforms' deal which was with Saudi Arabia's Public Investment Fund.

Jio Platforms has raised Rs 1,15,693.95 crore by selling 24.7 percent stake to global technology investors since April 22.

With this Rs 1.15 lakh crore, rights issue of Rs 53,124.20 crore and the stake sale to BP in the petro-retail JV, billionaire Mukesh Ambani-owned conglomerate has raised more than Rs 1.75 lakh crore and became net-debt free well before the deadline of March 31, 2021.

The company's net debt was Rs 1,61,035 crore as on March 31, 2020.

"The recent rally in Reliance Industries on the back of large deals in Jio Platforms by marquee names like Facebook, KKR, Silver Lake, Vista Equity Partners and General Atlantic and the underperformance of the BFSI segment has led to market cap of Reliance being more than the sum of marekt cap of the top-3 private banks (HDFC Bank, ICICI Bank, Kotak Mahindra Bank)," Motilal Oswal said.

Disclaimer: "Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd which publishes Moneycontrol."
Moneycontrol News
first published: Jun 22, 2020 02:55 pm
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