RIL Shares Jump Nearly 3%, Market Valuation Zooms By Rs 45,887 Crore
Shares of Reliance Industries rose nearly 3 percent on Friday, adding Rs 45,887.8 crore to its market value and helped the equity benchmark index gain sharply at the end of the day.
The stock of the country’s most valuable firm by market capitalization (mcap) rose 2.79 percent to settle at Rs 2,506.55 on the BSE. During the day, it rose 2.93% to Rs 2,510.
On the NSE, it ended up 2.80 percent at Rs 2,508.80.
The market valuation of the company increased from Rs 45,887.8 crore to Rs 16,95,833.65 crore.
The rally in stocks was also instrumental in driving gains in equity benchmark indices Sensex and Nifty. The Sensex settled at 62,501.69, up 629.07 points or 1.02 percent. The Nifty jumped 178.20 points or 0.97 percent to end at 18,499.35.
In terms of trading volume, 2.61 lakh shares of the firm changed hands on BSE and over 5.80 crore shares on NSE during the day.
Billionaire Mukesh Ambani’s Reliance is best positioned in the USD 150 billion Indian e-commerce market ahead of Amazon and Walmart due to a strong combination of the largest retail store network, dominant telecom operations and strong digital media, an analyst said. is on
In a new report, Bernstein Research said India is turning into a three-player market with Amazon, Walmart and Reliance.
“Given the distribution challenges in most technologies and India’s tendency to ‘skip a generation’, we believe the Indian e-commerce market will be different. An integrated model (offline plus online plus prime), strong distribution Capacity and high cost advantage (compared to online) players) are required from the start,” he said.
Meanwhile, Reliance Retail Ventures Ltd (RRVL) on Thursday said its arm has completed acquisition of 51 per cent controlling stake in Lotus Chocolates.
RRVL is a subsidiary of Mukesh Ambani-led Reliance Industries and the holding company for all retail businesses under the RIL Group.
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