Record rise in Reliance shares, company’s market cap crosses 15 lakh crores, know what was the reason
Share Market In terms of market capitalization i.e. market capitalization, the market cap of Reliance Industries, the largest company, has become bigger. On Friday, September 3, 2021, there has been a record-breaking rise in the shares of the company. Today on Bombay Stock Exchange Reliance Industries The shares of Reliance Share Price rose by 3.65 percent and their price reached a record level of Rs 2,377.50 per share. In fact, Reliance Retail, the retail venture of Reliance Industries, has acquired a major part of the search engine platform Just Dial, after which the company’s shares are seeing a boom.
Reliance Retail has bought 41 percent of Just Dial’s shares, after which the company now maintains sole control in Just Dial. After today’s rally in the shares of the company, the market valuation of the company has crossed 15 lakh crores.
On July 20, Reliance Retail bought 1.31 crore equity shares of Just Dial at a price of Rs 10 per share at Rs 1,020 per share. The purchase was done through the block window facility on the stock exchange.
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Analysts say that the shares of Reliance have been moving upwards since June. In June, at Reliance’s Annual General Meeting, the company’s head Mukesh Ambani had announced that the company was going to invest in renewable energy.
There is another reason for the rise in the shares of Reliance Industries. In fact, it was announced at the same AGM that its subsidiary Jio would launch a cheap smartphone in partnership with Google, due to which there is enthusiasm among investors.