MUMBAI: Shares of Reliance Industries Ltd (RIL) hit an all-time high of ₹1,908 on the BSE, up about 1.6% from Friday's close, pushing its market capitalisation to ₹12.09 trillion - a record for an Indian company.
Since mid-March, the stock has risen over 120%.
Shares of RIL have been on a rise since the oil-to-telecom conglomerate announced its plan to cut its net debt to zero by March 2021 and stake sales in its digital arm Jio Platforms.
The company is scheduled to hold its annual general meeting this week.
On Sunday, Qualcomm Ventures, the investment arm of Qualcomm Inc., said it will invest ₹730 crore for a 0.15% stake in Jio Platforms Ltd, becoming the 12th entity to invest in the digital services subsidiary of RIL in over three months.
With this, RIL has sold a total of 25.24% stake in Jio Platforms to Facebook, General Atlantic, TPG, KKR, Silver Lake, L Catterton, Vista Equity Partners, Abu Dhabi Investment Authority, Mubadala Investment Company, and Public Investment Fund (PIF), Intel Capital and Qualcomm Ventures, raising Rs118,318.45 crore.
RIL also raised ₹53,124 crore through a rights issue. Its net debt was at ₹1.61 trillion as of 31 March. With these investment, it is now a net debt free company, Reliance had said.
Brokerage firm Morgan Stanley expects strategic direction post covid-19 and further details on asset monetisation to drive stock performance as investors look beyond FY21 Q1 challenges.
"Asset monetisation details esp. on telecom InvITs and Saudi Aramco stake sale; capital allocation and growth strategy post Covid-19; plans to leverage the partnerships with global technology peers and integrate its retail, digital and financials business; details on oil to chemicals integration and expansion of oil retail and new energy business with BP," said Morgan Stanley in its report to its investors.
Analysts will also await clarity on the Future Retail deal as many reports indicate that negotiations between RIL and Future Group for potential acquisition of Future Retail, Future Lifestyle Fashions and Future Supply Chain Solutions have reached a decisive phase.
"We also expect progress/update on other initiatives from last AGM like Home broadband, Online grocery/new commerce initiatives, Jio First Day-First-Show along with a few new announcements", said BofA Securities in its report.