Stock market bounces back; banks, metals shine
Sensex was up 599.34 points, or 0.83 per cent at 73,088.33, while the Nifty was up 151.20 points or 0.69 per cent at 22,147.
Market valuation of oil-to-telecom conglomerate Reliance Industries Ltd (RIL) on Monday crossed Rs 11.5 lakh crore mark on the account of rise in its share price.
RIL’s share price hit 52-week high and gained 3.57 per cent to hit Rs 1,851.25 mark on the BSE after the company announced its twelfth successful high-profile investment in Jio Platforms in less than three months.
On the NSE, it gained 3.43 per cent to an all-time high of Rs 1,849.30.
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Its market valuation rose by Rs 26,150.05 crore to Rs 11,59,318.60 crore during the morning trade.
Reliance Industries, the country’s most valued firm, last month became the first Indian company to cross the Rs 11 lakh crore market valuation mark.
“Intel Capital will invest Rs 1,894.50 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. Intel Capital’s investment will translate into a 0.39 per cent equity stake in Jio Platforms on a fully diluted basis,” Reliance Industries and Jio Platforms had said in a joint statement released on Friday.
Shares of Reliance Industries on Friday rose by nearly 2 per cent after last week’s announcement.
Apart from Intel, in the last three months, Jio Platforms have received investments from high-profile firms like Facebook, Silver Lake Partners (two investments), Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, and PIF invested in the Jio Platforms.
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