The market capitalisation of Reliance Industries (RIL), at Rs 11.26 lakh crore, has crossed that of the Tata Group and that of the HDFC Group’s four listed companies. Shares of RIL have nearly doubled since March 24, while the prices of HDFC Bank and Tata Consultancy Services (TCS) have risen by 35.1% and 22.4%, respectively.
The market cap of 28 listed Tata Group companies on Tuesday was Rs 10.73 lakh crore while that of the HDFC Group’s four listed companies was Rs 10.51 lakh crore.
By diluting 24.7% stake in its digital services unit — Jio Platforms, coupled with a rights issue of Rs 53,124.20 crore, RIL has raised Rs 1.69 lakh crore in less than two months. “Our net-debt was Rs 161,035 crore, as on 31st March 2020. With these investments, RIL has become net debt-free,” company said in an exchange release on Friday.
According to global research firm Bernstein, digital engagement for customers has been accelerating post lockdown. Certain categories within e-commerce like grocery (>20% mix) to see material structural effect. “Reliance Retail’s leadership on grocery, entry into e-commerce (JioMart), and a strong supply chain will enable a leadership position,” the research firm said in a note dated June 10.
Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.