RIL's m-cap increases by Rs 1.5 trillion in four days post Facebook deal
Shares of Reliance Industries (RIL) gained 4 per cent to Rs 1,475 on the BSE on Monday in
the early morning deal. The stock has surged 19 per cent in the past four
trading days after the company announced $5.7 billion equity deal with Facebook. In
comparison, the benchmark S&P BSE Sensex has gained 4.1 per cent during the
same period.
RIL
on Wednesday, April 22, 2020 announced that Facebook would invest
Rs 43,547 crore ($5.7 billion) in the company’s wholly-owned subsidiary Jio
Platforms to expand its presence in India.
A sharp rally in stock price has seen the market captialisation (market-cap) of
RIL increase by Rs 1.5 trillion in four trading days. The company’s market-cap
stood at Rs 9.35 trillion in the intra-day trade today, from Rs 7.83 trillion
on April 21, 2020, the exchange data shows.
The
stock hit a two-month high today and has recovered 68 per cent from its last
month low of Rs 876 touched on March 23, in an intra-day deal. RIL's m-cap
touched an all-time high level of Rs 10.17 trillion on December 19, 2019 on
closing level basis.
This
deal could have far-reaching benefits for Jio Platforms, presenting a plethora
of opportunities in its fiber and digital business endeavors. The partnership
would accelerate RJio's digital monetization drive; management's renewed focus
on digital ecosystem would open up multiple new e-commerce opportunities as the
company plans to leverage JioMart and WhatsApp to enable small Indian kirana
stores to transact digitally with their customers.
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