Reliance Industries is first Indian company to cross 12 million in market capitalisation.
Reliance Industries shares bounced back by over 1 per cent in mid-morning trading, a day after shedding 4 per cent in wake of the 43rd and first-ever virtual annual general meeting (AGM). The shares opened Thursday's session at Rs 1,850 and touched an intra-day high of Rs 1868, up 1.2 per cent, on the BSE in early trading. At 10:05 am, the shares were trading at Rs 1,860, up Rs 14 or 0.7 per cent, on the BSE.
Reliance Industries, which was up 3.2 per cent ahead of the AGM on Wednesday, erased all its gains and fell as much as 6.21 per cent during the day before ending lower by 4 per cent (a wide swing of 9 per cent) due to disappointment over the widely anticipated Saudi Aramco deal.
"Due to unforeseen circumstances in energy market and the COVID-19 situation, Saudi Aramco deal has not progressed as per original timelines," Mukesh Ambani told shareholders at its 43rd Annual General Meeting.
The decline in share price came despite the fact that Google decided to invest Rs 33,737 crore for a 7.7 per cent stake in Jio Platforms. The investment by Google, announced by Reliance Industries chairman Mukesh Ambani at the AGM, would take the cumulative fund-raising by Reliance Industries to Rs 2,12,809 crore in less than three months, which includes investments in Jio Platforms and the rights issue worth Rs 53,124 crore.
Reliance Industries recently became the first Indian company to cross 12 million in terms of market capitalisation. By selling more than 25 per cent stake in Jio Platforms and unveiling the rights issue, Reliance Industries has become a net debt-free company well before the scheduled date of March 31, 2021.
The BSE Sensex was quoting at 36,332, higher by 282 points or 0.7 per vent and the NSE Nifty was at 10,677, up 59 points or 0.5 per cent, at the time.
