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Last Updated : Jul 14, 2020 07:20 AM IST | Source: Moneycontrol.com

RIL now 51st most-valued firm in the world, among top 10 in Asia

The Jio operator is at 9th position in the Asian region, followed by Tencent, Kweichow Moutai, TSMC, Samsung, Industrial and Commercial Bank of China, Ping An, China Construction Bank and Toyota Motor.

 
 
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Mukesh Ambani-led Reliance Industries is now the 51st most valued firm in terms of market capitalisation. The oil-telecom-to-retail major has crossed Rs 12 lakh crore in market value becoming the first listed Indian entity to achieve the feat.

On Monday, RIL's stock touched an intraday record high of Rs 1,947 and hit a market cap of Rs 12,34,282 crore. It settled at record closing high at Rs 1,939, up 3.22 percent on the BSE.

Saudi Arabia's Aramco topped the list with the market cap of $1,784 billion, followed by Apple ($1,663 billion), Microsoft Corporation ($1,620 billion), Amazon ($1,596 billion), Alphabet ($1,052 billion).

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Among the list of top 50 companies, 34 companies are from the United States and 9 are from the Asian region.

The Jio operator is at 9th position in the Asia, followed by Tencent, Kweichow Moutai, TSMC, Samsung, Industrial and Commercial Bank of China, Ping An, China Construction Bank and Toyota Motor.

Reliance Industries rallied 123.5 percent from its March 23's low and was one of the key drivers of Nifty50's 44 percent rally from those levels. Also, it is the only company in the Nifty50 that doubled in value from March lows.

The stellar performance of the scrip can be attributed to its digital arm Jio Platforms, which has raised Rs 1.18 lakh crore from April 22 by selling more than 25 percent stake to global investors including Facebook, General Atlantic, Intel Capital, Qualcomm Ventures, KKR, Saudi sovereign wealth fund etc.

Reliance has already received subscription amounts Rs 73,636.43 crore from Facebook, L Catterton, Public Investment Fund, Silver Lake and General Atlantic.

With the funds raised from Jio Platforms, the Rs 53,124 crore rights issue along with stake sale to BP in the petro-retail joint venture, the Mukesh Ambani Group company has become net debt-free well before its targeted date of March 31, 2021.

"I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of March 31, 2021," Mukesh Ambani, Chairman said in its statement on June 19.

Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd which publishes Moneycontrol.
First Published on Jul 13, 2020 05:02 pm
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