Shares of Reliance Industries hit a fresh record high of Rs 1,653.75 on the NSE June 18, rising more than 2 percent intraday. The company crossed Rs 11 lakh crore mark in market-capitalisation, retaining the top slot.
The stock has gained 88 percent from its March lows and is the biggest gainer among Nifty50 stocks on the back of Jio Platforms’ stake sale deals with global technology investors and partners. It was quoting at Rs 1,647.85, up Rs 32.50 or 2.01 percent with a market capitalisation of Rs 11,14,250.41 crore at 14:35 hours IST.
So far, Jio Platforms has raised Rs 1,04,326.95 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton since April 22, 2020.
The stock was quoting at Rs 732.85, up Rs 34.25, or 4.90 percent on the NSE. Compared to intrinsic value, the stock gained over 77 percent. (the intrinsic value is Reliance Industries share price divided by 4 as eligible shareholders made 1/4th payment (first instalment of Rs 314.25) for rights shares).
The second instalment of Rs 314.25 will be paid in May 2021 and the rest Rs 628.50 will be paid in November 2021.