Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
2-min read

RIL AGM a Hit Among Investors, Market Cap Crosses Rs 8 Lakh Crore Day After Grand Announcements

Reliance Industries share prices also rose 12.09 per cent to Rs 1,302.50 compared to previous close of Rs 1,162 on BSE.

News18.com

Updated:August 13, 2019, 3:08 PM IST
facebookTwitterskypewhatsapp
RIL AGM a Hit Among Investors, Market Cap Crosses Rs 8 Lakh Crore Day After Grand Announcements
Reliance Industries Limited chairman Mukesh Ambani.
Loading...

Reliance Industries Limited (RIL) share reclaimed more than Rs 8 lakh crore capitalisation in trade on Tuesday, a day after chairman and managing director of RIL, Mukesh Ambani, announced a slew of measures that attracted both investors and consumers.

The mega conglomerate’s market capitalisation rose to Rs 8,12,671 crore in the first couple of hours of trade on Tuesday. MCap for RIL closed at Rs 7,36,602 crore in Friday trade. On July 23, 2019, the market capitalisation of the firm stood at Rs 8.06-lakh crore mark. Since then, the market capitalisation has remained below the Rs 8-lakh crore mark.

Reliance Industries share prices also rose 12.09 per cent to Rs 1,302.50 compared to previous close of Rs 1,162 on BSE.

Reliance Industries share price marked its biggest intraday jump on Tuesday since February 22, 2017 after the conglomerate held its 42nd Annual general meeting on Monday.

The stock rose from Rs 964 on July 5, 2018 when the RIL held its 41st AGM to Rs 1162 on Friday (August 9), translating into a rally of over 20%.

Ambani on Monday announced that Saudi Aramco will invest 20% in RIL’s oil-to-chemicals division at an enterprise value of $75 billion. The deal would be among India’s largest foreign direct investment (FDI) till date, besides being the biggest foreign investment in the history of RIL. The partnership will cover all of RIL’s refining and petrochemicals assets, including 51% of the petroleum retail joint venture.

In another significant announcement, Mukesh Ambani also stated that RIL will become a net zero-debt company within the next 18 months. The CMD also announced rewards for shareholders once the company becomes debt-free.

He said the deal with Aramaco, as well as the retail petroleum deal with BP, will be closed within this financial year. That would bring in Rs 1.15 lakh crore into RIL.

The RIL AGM also gave a launch date to the much-awaited Jio GigaFiber services. Ambani said the Jio GigaFiber will be available commercially starting September 5, 2019. He outlined that the service would be broad-ranging, including a 1 Gbps network speed, free landline connection, digital set-top box, ultra-high-definition entertainment, virtual content, interactive gaming and more smart home solutions.

Customers will have to pay between Rs 700 and Rs 10,000 per month depending on the plan. Users will be charged only for data and voice calls would be completely free from home to any Indian mobile or fixed-line operator.

Meanwhile, the large cap stock has been gaining for the last three days and rose 15.28% in the period. Reliance Industries share price opened with a gain of 6.71% at Rs 1240 on BSE on Tuesday.

Reliance Industries share price has gained 7.96% during the last one year and risen 14.33% since the beginning of this year. In comparison, the benchmark Sensex rose 3.75% since the beginning of this year and lost 0.60% during the last one year.

Disclaimer: News18.com is part of Network18 Media & Investment Limited which is owned by Reliance Industries Limited.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 65.40 -8.15
Maruti Suzuki 6,228.90 0.61
Indiabulls Hsg 483.55 -7.26
Tata Motors 112.40 -9.25
SBI 277.40 -2.22
Company Price Change %Gain
Maruti Suzuki 6,222.95 0.39
Yes Bank 65.40 -8.21
Indiabulls Hsg 482.85 -7.40
Abbott India 8,945.00 -0.59
Tata Motors 112.30 -9.29
Top Gainers
Company Price Change %Gain
Hero Motocorp 2,714.25 1.69
Infosys 799.45 0.85
Bajaj Auto 2,764.80 0.80
Eicher Motors 16,000.50 0.66
Maruti Suzuki 6,228.90 0.61
Company Price Change %Gain
Hero Motocorp 2,716.90 1.78
Infosys 799.55 0.84
Bajaj Auto 2,761.75 0.69
HUL 1,854.00 0.70
Maruti Suzuki 6,222.95 0.39
Top Losers
Company Price Change %Gain
Tata Motors 112.40 -9.25
Yes Bank 65.40 -8.15
Indiabulls Hsg 483.55 -7.26
Tata Steel 343.00 -4.26
BPCL 327.80 -4.22
Company Price Change %Gain
Tata Motors 112.30 -9.29
Yes Bank 65.40 -8.21
Tata Steel 343.05 -4.26
Coal India 188.75 -3.33
ONGC 121.15 -3.12

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results