RIL continues to be a buzzing stock; hits fresh 52-week high
Reliance Industries’ Jio Platforms has attracted huge amount of investments from some of the leading names of the business world globally. As a result, the stock of RIL has more than doubled the money of investors since the beginning of FY21.
In the recent announcement, Public Investment Fund (PIF) which is a sovereign wealth fund of Saudi Arabia will be investing around Rs 11,367 crore in Jio Platforms, which will further translate to 2.32 per cent stake on fully-diluted basis.
Cumulatively until now, Jio Platforms has been able to raise Rs 1,15,693.95 crore from the leading global investors such as Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton.
Jio Platforms is a wholly-owned subsidiary of Reliance Industries Ltd (RIL), which focusses on providing high-quality and affordable digital services to its subscribers spread across India. Jio Platforms is said to have made significant investments across its digital ecosystem, powered by leading technologies spanning broadband connectivity, smart devices, cloud and edge computing, big data analytics, artificial intelligence, internet of things (IoT), augmented, mixed reality and blockchain. This will further contribute towards establishing a digital society vision for India.
With its largest investment till now in Indian economy, PIF believes that this partnership perfectly fits in its plan for investing in sectors and companies that would generate long-term commercial returns to drive Saudi Arabia’s economic transformation as part of Vision 2030 objectives.
On Thursday, the scrip of RIL had touched a new 52-week high record at Rs 1,664 per share on BSE. Reacting to this development, on Friday, the stock of RIL, for the consecutive day, touched a new 52-week high at Rs 1,689 per share on BSE.
On Friday, during the morning trading session, the stock of the company was trading at Rs 1,685.50, up by 1.77 per cent or Rs 29.25 per share. The 52-week high is Rs 1,689 and 52-week low is Rs 867.82 on BSE.