Reliance makes history; Mukesh Ambani's the first Indian firm to hit $150 bn market cap

Reliance Industries on Monday became first Indian firm to hit a market valuation of USD 150 billion helped by a continuous rally in its share price. In morning tre, company's market valuation jumped Rs 28,248.97 crore to Rs 11,43,667 crore (USD 150 billion) on BSE. heavyweight stock surged 2.53 per cent to a record high of Rs 1,804.10 on BSE.

On NSE, it rose by 2.54 per cent to an all-time high of Rs 1,804.20. Reliance Industries on Friday became first Indian company to cross Rs 11 lakh crore market valuation mark. Its market valuation crossed Rs 11 lakh crore in previous session as its share price rallying over 6 per cent after chairman Mukesh Ambani anunced that his oil-to-telecom conglomerate h become net debt-free.

Ambani anunced that Reliance Industries h become net debt-free after raising a record Rs 1.69 lakh crore from global investors and a rights issue in under two months. Reliance Industries raised Rs 1.15 lakh crore from global tech investors by selling a little less than a quarter of firm's digital arm, Jio Platforms, and ar Rs 53,124.20 crore through a rights issue in past 58 days.

Taken toger with last year's sale of 49 per cent stake in fuel retailing venture to BP Plc of UK for Rs 7,000 crore, total fund raised is in excess of Rs 1.75 lakh crore, company said. Reliance Industries h a net debt of Rs 1,61,035 crore as on March 31, 2020.

"With se investments, RIL has become net debt-free," it said.

On Thursday, Reliance Industries said it has sold a 2.32 per cent stake in its digital unit to Saudi Arabia's Public Investment Fund (PIF) for Rs 11,367 crore. So far this year, company's stock has gained over 19 per cent.