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Friday, July 20, 2018

Reliance Industries shares soar to all-time high, Mukesh Ambani-led firm gains 22% since January 2018

Reliance Industries shares soared to an all-time high on Friday, gaining as much as 2.5% intraday. RIL shares closed at Rs 1,127.65. Notably, the shares have returned more than 22.5% since Jan 2018. 

According to a Bloomberg report, Reliance Industries, India’s second-largest company by market value, plans to raise about 400 billion rupees ($5.8 billion) in fresh debt this financial year as it expands its consumer businesses. Sources told the agency that the  company will raise funds through loans and bonds, mostly in the Indian currency. 
Last week, Reliance Industries achieved yet another feat by topping the Rs 7 lakh crore market capitalisation. Notably, the oil-telecom conglomerate Reliance Industries crossed the USD 100-billion market capitalisation mark for the first time in the last 10 years. Notably, the centibillionaire firm had earlier breached this mark in intra-day trade on October 18, 2007. The US dollar was quoted at Rs 39.59 at that time. The market valuation of RIL had crossed the Rs 6 lakh crore mark in November last year.

The share prices have been on an upward journey following the firm’s AGM earlier this month, where the company announced the launch of ‘Jio GigaFiber’ fiber-to-home service, and its ‘Jio Giga TV’ set-top box. At the AGM, RIL Chairman and Managing Director Mukesh Ambani pointed out that the company has doubled its customer base for Jio to 215 million within 22 months of starting operations.

While the share prices have peaked, and trade at fresh all-time high levels on Friday, Ambani recently observed its journey. “It is a matter of great pride for me that, since Reliance’s IPO in 1977, our shareholders’ money has doubled every two and a half years, for the last 40 years,” Mukesh Ambani said at the event

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