Reliance Industries hits record high of Rs 2,394; rallies 15% in one month

The stock hit a record high of Rs 2,374, up 3.5 per cent on the BSE in intra-day trade on Friday.

Shares of Reliance Industries (RIL) hit a fresh record high of Rs 2,394.3, up 4.3 per cent on the BSE in the intra-day trade on Friday, surpassing its previous high of Rs 2,368.80, touched on September 16, 2020, ahead of JioPhone Next smartphone launch. The shares closed at Rs 2,388 per share, up 4 per cent, relative to the S&P BSE Sensex's 0.48 per cent gain.

JioPhone Next will be packed with features like Google Assistant, automatic read-aloud of screen text, language translation, smart camera with augmented reality filters, and more. It will be available in the market from the auspicious date of Ganesh Chaturthi, September 10, 2021 -- Mukesh Ambani, Chairman and Managing Director, RIL had said in his address at the company’s AGM 2021 held on June 24, 2021. The JioPhone Next will be the most affordable 4G smartphone in India, and world, Ambani had said.

According to a Bloomberg report, a smartphone widely believed to be priced below $50, likely the world’s cheapest, will start selling a week from now. If Mukesh Ambani’s JioPhone Next, an Android device custom-built for India by Alphabet Inc.’s Google, is a hit in the price-conscious market, it will solve one problem for banks while posing another. CLICK HERE FOR FULL REPORT

The stock of the country's most valued company, in terms of market capitalisation, was up 5 per cent in the past three trading days on report that the company looks to acquire Europe's largest solar panel manufacturer.

RIL, however, on Thursday clarified on the report and said the company evaluates various opportunities on an ongoing basis. "We would like to clarify that we are unable to comment on media speculation and rumors and it would be inappropriate on our part to do so," the company said.

RIL further said there is no information which has not been announced to the stock exchanges and which should have been announced by the company in terms of the Sebi regulations. READ THE EXCHANGE FILING HERE

However, in an event on Friday, Ambani said that Reliance will aggressively pursue green energy projects over the next couple of years and will help in making green hydrogen most affordable fuel option by bringing down its cost to initially under $2 per kg.

"I am sure that India can set an even more aggressive target of achieving under $1 per kg within a decade. This will make India the first country globally to achieve $1 per 1 kilogram in 1 decade – the 1-1-1 target for green hydrogen,” he said at the International Climate Summit 2021. READ HERE

In the past one month, RIL has outperformed the market by surging 15 per cent, as compared to a 7.7 per cent rise in the S&P BSE Sensex.

In a separate regulatory filing, Reliance Retail Ventures (RRVL), a subsidiary of RIL, said that it has taken sole control of Just Dial with effect from September 1, 2021 and it now holds 40.98 per cent in the local search engine.

On July 20, 2021, RRVL acquired 13.1 million equity shares of Rs 10 each of Just Dial at a price of Rs 1,020 per equity share from VSS Mani on the floor of the stock exchange through the block window facility. The acquisition represents 15.63 per cent of the post-preferential issue paid-up equity share capital of Just Dial. On September 1, 2021, Just Dial, pursuant to the preferential issue, allotted 21.2 million equity shares of Rs 10 each at a price of Rs 1022.25 per equity share representing 25.35 per cent of the post-preferential issue paid-up share capital of Just Dial to RRVL, Reliance Retail in media release said. READ HERE