Shares of Reliance Industries Ltd extended their rally for the seventh consecutive day on Thursday and its market valuation crossed the Rs 14 lakh crore mark in morning trade.
The market heavyweight stock has jumped 14.53 per cent in seven trading sessions to hit a high of Rs 2,250 on Thursday.
Following the upbeat sentiment, the company’s market valuation has reached Rs 14,04,123.26 crore on Thursday.
After record fundraising and debt prepayments, Reliance Industries now has a strong balance-sheet with high liquidity that will support growth plans for its three hyper-growth engines – telecom arm Jio, retail and oil-to-chemicals business, firm’s Chairman and Managing Director Mukesh Ambani said.
In the company’s latest annual report released on Wednesday, he said the company sold minority stakes in Jio Platforms – the unit that houses its telecom and digital business – and retail arm for almost Rs 2 lakh crore, 49 per cent in fuel retailing venture for Rs 7,629 crore and raised another Rs 53,124 crore through rights issue.
“We now have a strong balance-sheet with high liquidity that will support growth plans for our three hyper-growth engines Jio, Retail and O2C,” he said.
During 2020-21, Reliance completed India’s largest ever Rights Issue of Rs 53,124 crore (oversubscribed by 1.59 times), which was also the largest in the world by a non-financial institution in the last 10 years.