Wolf of Dalal Street! RIL rises nearly 6%, Mcap soars by ₹83,885 crore
RIL stock has been in focus after the long-pending legal battle between Amazon.com and Future Group finally sparked hopes for resolution in their dispute.
PremiumMarkets witness robust gains on Wednesday with heavyweight Reliance Industries (RIL) contributing strongly on benchmarks Sensex and Nifty 50. The stock price of RIL has broadly skyrocketed by nearly 6% and its market valuation jumped nearly ₹83,885 crore. RIL stock has been in focus after the long-pending legal battle between Amazon.com and Future Group finally sparked hopes for resolution in their dispute.
At around 2.57 pm, RIL was trading at Rs2360.80 apiece, rising by Rs124.10 or 5.55% on BSE. The stock was near the day's high of Rs2366.70 apiece. At the current market price, RIL's valuation stood at Rs15,96,972.02 crore.
On the previous day's price level of Rs2236.70 apiece, the RIL market cap was at Rs15,13,088.20 crore on BSE.
That said, RIL's market has zoomed in nearly Rs83,883.82 crore.
RIL stock becomes a top bull on both BSE and NSE.
Riding on the back of RIL's stellar performance on stock exchanges, chief Mukesh Ambani's net worth also accelerated. On Bloomberg Billionaire Index, as of March 09, Ambani's wealth stood at $82.2 billion following closely Adani Group's founder Gautam Adani whose net worth comes at $82.5 billion. So far, today, Ambani's wealth picked up by $73.2 million as per the index.
On an unexpected note, surprising markets and India's retail industry, Amazon and Future Group has agreed on March 03 to discuss a suitable resolution of their dispute.
The feud was ignited when Kishore Biyani-led Future Group decided to sell its major retail assets to RIL for about $3.4 billion in 2020. Following this, Amazon approached Singapore arbitrators challenging the deal between the two largest retailers of India and even succeeded in delaying it.
Amazon who signed an agreement with Future in 2019, invested $200 million in a unit of the latter. Under the clause of the deal, which Amazon argued was that Future was prohibited in selling retail assets to a host of rivals including Reliance. However, taking a massive toll from the Covid-19 pandemic, Future roped in RIL for selling its assets.
Both Amazon and Future have made numerous arguments since then before Court but now investors are upbeat as the dispute may finally find a resolution.
RIL-backed Reliance Retail is the largest retailer in India with Future taking the second spot. On resolution with Amazon, Future would become part of Reliance and that could lead to the strengthening of Reliance's retail channel and further enhancing its supremacy in India. At present, Reliance holds 1,100 supermarkets, while Future has around 1,500 in the country.
Apart from this, investors' stance in RIL was bullish after reports stated that the company's Jamnagar facility decided to lift crude processing and defer planned maintenance to take advantage of the rising demand for diesel.
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