Reliance soars to $200 billion market cap

News that Reliance Retail may do a $20 billion deal with Amazon for a stake sale in its retail business sent the share prices up 7.1 percent, taking the company's market cap past the $200 billion mark

Samar Srivastava
Published: Sep 10, 2020 06:05:15 PM IST
Updated: Sep 10, 2020 07:01:59 PM IST

After studying law I vectored towards journalism by accident and it's the only job I've done since. It's a job that has taken me on a private jet to Jaisalmer - where I wrote India's first feature on fractional ownership of business jets - to the badlands of west UP where India's sugar economy is inextricably now tied to politics. I'm a big fan of new business models and crafty entrepreneurs. Fortunately for me, there are plenty of those in Asia at the moment.

Since the lockdown started, Reliance Industries has seen its market cap double from $100 billion to $200 billion, as investors have priced in its telecom and retail business separately. It also announced the separation of its oil to chemicals business into a subsidiary. (The first time the company hit the $100 billion mark was in October 2007 when the rupee was at 39.5 to the dollar.)

In 2020, its stock has had a dream run, with Rs152,056 crore raised by Jio Platforms. On September 9, Reliance Retail announced a Rs7,500 crore investment by Silver Lake Partners for a 1.75 percent stake valuing the business at 4.21 lakh crore.

On September 10 came news that Reliance Retail may do a $20 billion deal with Amazon for a stake sale in its retail business, sending the share prices up 7.1 percent to Rs2,314 per share, and taking its market cap past the $200 billion mark.

ril_infographic

Graphic: Sameer Pawar

Disclaimer: Reliance Industries is the owner of Network 18, the publisher of Forbes India

Click here to see Forbes India's comprehensive coverage on the Covid-19 situation and its impact on life, business and the economy​

Show More
Post Your Comment
Required
Required, will not be published
All comments are moderated
PHOTOS: California wildfires ravage US West Coast, record 2.5 million acres destroyed
Photo of the day: Rafale fighter jets inducted, receive salute