Reliance Industries on Monday became the first Indian firm to hit a market valuation of $150 billion helped by a continuous rally in its share price.
In morning trade, the company’s market valuation jumped ₹28,248.97 crore to ₹11,43,667 crore ($ 150 billion) on the BSE.
The heavyweight stock surged 2.53% to a record high of $1,804.10 on the BSE.
On the NSE, it rose by 2.54% to an all-time high of $1,804.20.
Reliance Industries on Friday became the first Indian company to cross the ₹11 lakh crore market valuation mark.
Its market valuation crossed ₹11 lakh crore in the previous session as its share price rallying over 6% after chairman Mukesh Ambani announced that his oil-to-telecom conglomerate had become net debt-free.
Mr. Ambani announced that Reliance Industries had become net debt-free after raising a record ₹1.69 lakh crore from global investors and a rights issue in under two months.
Reliance Industries raised ₹1.15 lakh crore from global tech investors by selling a little less than a quarter of the firm’s digital arm, Jio Platforms, and another ₹53,124.20 crore through a rights issue in the past 58 days.
Taken together with last year’s sale of 49% stake in fuel retailing venture to BP Plc of UK for ₹7,000 crore, the total fund raised is in excess of ₹1.75 lakh crore, the company said.
Reliance Industries had a net debt of ₹1,61,035 crore as on March 31, 2020.
“With these investments, RIL has become net debt-free,” it said.
On Thursday, Reliance Industries said it has sold a 2.32% stake in its digital unit to Saudi Arabia’s Public Investment Fund (PIF) for ₹11,367 crore.
So far this year, the company’s stock has gained over 19%.