 "Reliance Industries shares up 8.5%; market valuation touches nearly $200 bn")
Continuing its rally, shares of Reliance Industries Ltd on Thursday zoomed 8.5 per cent and the company's market valuation rose to Rs 14,66,589.53 crore (USD 199.64 billion) in late afternoon trade.
On Wednesday, it was announced that US private equity firm Silver Lake Partners would buy 1.75 per cent stake in RIL's retail arm for Rs 7,500 crore.
The market heavyweight stock jumped 8.45 per cent to a record high of Rs 2,343.90 on the BSE. On the NSE, it gained 8.49 per cent to a lifetime high of Rs 2,344.95.
In the previous session too, it had closed with nearly 3 per cent gain.
RIL's market valuation rose to Rs 14,66,589.53 crore (USD 199.64 billion) in late afternoon trade on the BSE.
Gain in Reliance Industries was also instrumental in market rally, with the 30-share BSE Sensex trading 544.58 points higher.
Silver Lake will invest Rs 7,500 crore in Reliance Retail Ventures (RRVL), a subsidiary of RIL. This will mark the second billion-dollar investment by Silver Lake in an RIL subsidiary after the USD 1.35 billion investment in Jio Platforms announced earlier this year.
Reliance Retail Limited, a subsidiary of RRVL, operates India's largest and most profitable retail business spanning supermarkets, consumer electronics chain stores, cash and carry wholesale business, fast-fashion outlets, and online grocery store JioMart.