Reliance Industries shares maintain winning run for 7th day; M-cap crosses ₹ 14 lakh crore mark

Shares of Reliance Industries Ltd extended its rally for the seventh consecutive day on Thursday and its market valuation crossed the Rs 14 lakh crore mark.

The market heavyweight stock has jumped 12.45 % in seven trading sessions.

Following the upbeat sentiment, the company’s market valuation has reached ₹ 14,00,541.47 crore on Thursday at the BSE.

Shares of the company closed at ₹ 2,209.25, a gain of 0.36 % on the BSE.

During the day, it jumped 2.21 % to Rs 2,250.

On the NSE, it gained 0.30 % to close at ₹ 2,208.

In traded volume terms, 7.60 lakh shares were traded at the BSE and 1.10 crore units at the NSE during the day.

After record fundraising and debt prepayments, Reliance Industries now has a strong balance sheet with high liquidity that will support growth plans for its three hyper-growth engines – telecom arm Jio, retail and oil-to-chemicals business, firm’s Chairman and Managing Director Mukesh Ambani said.

In the company’s latest annual report released on Wednesday, he said the company sold minority stakes in Jio Platforms – the unit that houses its telecom and digital business – and retail arm for almost ₹ 2 lakh crore, 49 % in fuel retailing venture for ₹ 7,629 crore and raised another ₹ 53,124 crore through the rights issue.

“We now have a strong balance sheet with high liquidity that will support growth plans for our three hyper-growth engines Jio, Retail, and O2C,” he said.

During 2020-21, Reliance completed India’s largest-ever rights issue of ₹ 53,124 crore (oversubscribed by 1.59 times), which was also the largest in the world by a non-financial institution in the last 10 years.