Continuing its rally, shares of Reliance Industries Ltd on Thursday closed over 7 per cent higher, helping its market valuation cross the USD 200 billion mark and become the first domestic firm to achieve the milestone.
During the day, its market valuation jumped to Rs 15,84,908 crore (USD 215.75 billion) on the BSE.
The stock of the country's most valuable firm rose by 7.10 per cent to close at Rs 2,314.65 on the BSE. During the day, it jumped 8.45 per cent to a record high of Rs 2,343.90.
On the NSE, it gained 7.29 per cent to close at Rs 2,319 after hitting a lifetime high of Rs 2,344.95, up 8.49 per cent during the day.
In the previous session too, it had closed with nearly 3 per cent gain.
At the close of trade on the BSE, RIL's market valuation rose to Rs 14,67,350.26 crore (USD 199.74 billion).
The company's market capitalisation rose by Rs 97,246.46 to Rs 14,67,350.26 crore from Rs 13,70,103.80 crore in the previous trade.
"RIL displayed its dominance in the index by crossing the MCAP of Rs 15 lac crore today," said S Ranganathan, Head of Research at LKP Securities.
During the day media reports surfaced that Indian billionaire Mukesh Ambani's Reliance Industries is offering to sell a roughly USD 20 billion stake in its retail business to Amazon.com Inc.
Traders said the uptick in the counter was largely after reports surfaced that a number of investors are likely to invest in the retail arm of Reliance Industries.
On Wednesday, it was announced that US private equity firm Silver Lake Partners would buy 1.75 per cent stake in RIL's retail arm for Rs 7,500 crore.
After monetising Jio Platforms -- which houses the firm's telecom arm and digital ventures, the richest Indian Mukesh Ambani is roping in investors in the retail business.
All the 13 investors in Jio Platforms have been offered a chance to explore investing in the retail unit, sources privy to the development said adding KKR may be next in line to make an investment.
The gain in Reliance Industries was also instrumental in the equity market rally, with the 30-share BSE Sensex closing 646.40 points or 1.69 per cent higher.
In traded volume terms, 24.50 lakh shares were traded at the BSE and 6.47 crore shares on the NSE during the day. Silver Lake will invest Rs 7,500 crore in Reliance Retail Ventures (RRVL), a subsidiary of RIL.
This will mark the second billion-dollar investment by Silver Lake in a RIL subsidiary after the USD 1.35 billion investment in Jio Platforms announced earlier this year.
Reliance Retail Limited, a subsidiary of RRVL, operates India's largest and most profitable retail business spanning supermarkets, consumer electronics chain stores, cash and carry wholesale business, fast-fashion outlets, and online grocery store JioMart.
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