RIL reclaims ₹10 lakh crore market value, shares surge to near record high

Shares of Reliance Industries (RIL) today extended their recent gains and pushing the company’s market capitalisation above ₹10 lakh crore. RIL shares today rose as much as 3% to ₹1,614 at day’s high, inching closer to its record high of ₹1,617, hit in December.

The surge comes after the company fixed May 14 as the record date for the ₹53,125 crore rights issue. “This is in line with the company’s target to reduce its net debt to zero by 31 March 2021. The proceeds from rights issue will reduce RIL’s net debt by about $7.8 billion and is credit positive” Moody’s Investors Service said in a recent note.

RIL has also struck three deals in the past few weeks for some ₹60,000 crore in investments into its Jio Platforms.