Shares of Reliance Industries hit an all-time high of Rs 1,706.55 on Friday afternoon, as it continued its bull run. This comes after RIL announced that it was a net debt-free company on the back of the recent investments by global investors into Jio Platforms and the Rights Issue. Its market capitalisation also increased to over Rs 10.81 lakh crore.
RIL has raised over Rs 1,68,818 crore in just 58 days. Its net-debt stood at Rs 1,61,035 crore, as on March 31, 2020.
In a statement on Friday, RIL Chairman Mukesh Ambani said: "I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of March 31, 2021."
"Over the past few weeks, we have been overwhelmed by the phenomenal interest of the global financial investor community in partnering with Jio," he said.
At 12.55 pm, it was trading at Rs 1,704.55, higher by Rs 48.30 or 2.92% from its previous close.
On Friday morning, Sensex jumped over 200 points in early trade led by gains in index-heavyweights Reliance Industries, HDFC Bank and ICICI Bank amid positive cues from global markets and fresh foreign fund inflows.
The 30-share index was trading 207.64 points, or 0.61%, higher at 34,415.69. Similarly, NSE Nifty advanced 59.45 points, or 0.59%, to 10,151.10.
In early trade, Reliance had first hit a 52-week high of Rs 1,684 after Mukesh Ambani said his flagship firm is now net-debt free after a record Rs 1.69 lakh crore fundraising in under two months.
Bajaj Finance was the top gainer in the pack, rising around 3%, followed by ONGC, Axis Bank, Tata Steel, IndusInd Bank and SBI.
On the other hand, Infosys, HCL Tech, Hero MotoCrop and M&M were among the laggards.
In the previous session, the BSE barometer settled at 34,208.05, up 700.13 points, or 2.09%, while the broader Nifty jumped 210.50 points, or 2.13%, to 10,091.65.
On a net basis, foreign institutional investors bought equities worth Rs 366.57 crore in the capital market on Thursday, provisional exchange data showed.
According to analysts, besides stock-specific actions, positive cues from global markets and fresh foreign fund inflows buoyed market sentiment.
Bourses in Shanghai, Hong Kong and Tokyo were trading with gains in early deals, while those in Seoul were in the red.
Stock exchanges on Wall Street ended on a positive note in overnight trade.
International oil benchmark Brent crude futures rose 0.84% to $41.86 per barrel.
With inputs from PTI and IANS