NEW DELHI: Reliance Industries became the first Indian company to hit $200 billion market cap on Thursday thanks to a spate of investments in its subsidiaries, which have pushed its share prices higher.
Shares of telecom-to-oil major jumped over 6 per cent on BSE to a fresh record high of Rs 2,343.90. That means its market capitalization rose to a record Rs 14,14,764.90 crore or $192.85 billion.
The partly paid up shares of the company also spiked nearly 8 per cent to new record high of Rs 1,365, which translates into the m-cap of Rs 57,815.36 crore or $7.82 billion.
In total, the market values the company at $200.68 billion. This is about twice the size of the next biggest Indian firm, TCS, which is valued at $119 billion.
The shares of the company have got a lift from a number of announcements of investment in Reliance Retail. Silver Lake already said it will announce Rs 7,500 crore while reports said Saudi Arabia’s Public Investment Fund (PIF), Abu Dhabi-based Mubadala Investment Company, Abu Dhabi Investment Authority (ADIA), L Catterton and KKR are likely to pick up stakes in the retail venture as well. They had also invested in Jio Platforms.
As per an ET report is looking to raise Rs 60,000-63,000 crore by selling a 15 per cent stake in Reliance Retail Ventures. Meanwhile, an ET Now report claimed the company had offered $20 billion stake in the retail arm to Amazon.
Brokers have also raised targets amid the buzz over funding. Motilal Oswal raised the target price to Rs 2,250. IDBI Capital Markets revised the target price of RIL upwards to Rs 2,464 from Rs 2,154 earlier.