The shares of RIL today surged a massive 12% in early trade today after its CMD Mukesh Ambani at the company's AGM held yesterday announced the biggest FDI deal with Saudi Aramco. The deal would enable the company to become debt free by March 2021. The stock surged to an intra-day high of Rs. 1302.50 versus its previous close of Rs. 1162 on the BSE.
"Market is going to heartily welcome the seminal announcement by RIL of 20% stake sale in its oil-to-chemical (OTC) business to the world's largest oil company Saudi Aramco. This is arguably India's largest-ever FDI inflow and would help dissipate the gloomy sentiment currently pervading in the economy and stock markets", said CEO for PMS at Prabhudas Lilladher.
Also, on the sidelines of the event, Mukesh Ambani highlighted that the firm has received strong interest from strategic and financial investors in its consumer businesses, Jio and Reliance Retail. And hence plans to list the two- retail focused business separately in 5 years time. If these two consumer businesses had been separately listed companies, each would be ranked among the top 10 in India today, in terms of value," said Mukesh Ambani.
With gains in the stock price, RIL added nearly Rs. 80000 crore to its m-cap and reclaimed the Rs. 8 lakh crore mark. Notably, TCS is the most valued Indian firm, commanding a market cap of Rs. 8.35 lakh crore.
Last, the stock of RIL quoted at Rs 1293.20, up 11.29% or Rs. 131.20 on the BSE.