Reliance Industries: INR 19 lakh crores market capitalization
The Mukesh Ambani-led Reliance Industries became the first company in the country to touch a market cap of Rs 19 lakh crore. On 27 April, the company's shares jumped 1.85% to reach a record high of Rs 2,827.10 on the BSE. However, with a marginal gain of 0.08% in the evening, it closed at 2,777.90.
In morning trading, the total value (market cap) of the company's shares reached Rs 19,12,814 crore, with a gain of 1.85%. However, till evening, it remained at only Rs 18,79,237.38 crore. For the first time in March this year, the company's market cap crossed 18 lakh crores.
Gautam Adani is now as rich as Bill Gates.
Amid the rise in the shares of Adani Group, the wealth of group chief Gautam Adani became equal to the world's fourth richest person, Bill Gates, i.e., Rs 9.57 lakh crore. His assets increased by Rs 3.70 lakh crore in a year to Rs 48,303 crore.
Reliance to become the country's largest TV-digital streaming company.
Reliance Industries has announced plans to create the country's largest TV and digital streaming company. For this, Reliance's company, Viacom18, has entered into a strategic partnership with Bodhi Tree Systems. Bodhi Tree Systems will invest Rs 13,500 crore in Viacom18 through a group of investors.
The government of India allows 51% FDI in offline multi-brand retail. The States can also decide whether to allow foreign-owned multi-brand stores. Amazon found a way out and in 2019 bought a 49% stake in Future Coupons (the holding company of the Future Group) for Rs 1430 crore. Future Coupons held a 9.2% stake in Future Retail. This gave Amazon a 3.58% stake in retail indirectly.
Future Retail lenders include Union Bank of India, Bank of India, Bank of Baroda, State Bank of India, Indian Bank, Central Bank, Axis Bank, and IDBI Bank. At present, FRL has a debt of Rs 17,000 crore from a consortium of 29 lenders. The overall debt of the group is around Rs 30,000 crore.
Now that Reliance has cancelled the deal, Future Group will face bankruptcy proceedings under the Insolvency and Bankruptcy Code. Now Reliance can bid for the remaining assets of Future Group in the NCLT. In such a situation, Amazon has very few options left.
In morning trading, the total value (market cap) of the company's shares reached Rs 19,12,814 crore, with a gain of 1.85%. However, till evening, it remained at only Rs 18,79,237.38 crore. For the first time in March this year, the company's market cap crossed 18 lakh crores.
Gautam Adani is now as rich as Bill Gates.
Amid the rise in the shares of Adani Group, the wealth of group chief Gautam Adani became equal to the world's fourth richest person, Bill Gates, i.e., Rs 9.57 lakh crore. His assets increased by Rs 3.70 lakh crore in a year to Rs 48,303 crore.
Reliance to become the country's largest TV-digital streaming company.
Reliance Industries has announced plans to create the country's largest TV and digital streaming company. For this, Reliance's company, Viacom18, has entered into a strategic partnership with Bodhi Tree Systems. Bodhi Tree Systems will invest Rs 13,500 crore in Viacom18 through a group of investors.
Reliance Industries: INR 19 lakh crores market capitalization
Both Reliance and Amazon took shortcuts and decided to take over Kishore Biyani's Future Retail, the largest player in India's offline retail market. But, there was a problem with Amazon here. Under the Foreign Direct Investment (FDI) rules of 2018, Amazon could not buy a 100% stake in Future Retail.The government of India allows 51% FDI in offline multi-brand retail. The States can also decide whether to allow foreign-owned multi-brand stores. Amazon found a way out and in 2019 bought a 49% stake in Future Coupons (the holding company of the Future Group) for Rs 1430 crore. Future Coupons held a 9.2% stake in Future Retail. This gave Amazon a 3.58% stake in retail indirectly.
Future Retail lenders include Union Bank of India, Bank of India, Bank of Baroda, State Bank of India, Indian Bank, Central Bank, Axis Bank, and IDBI Bank. At present, FRL has a debt of Rs 17,000 crore from a consortium of 29 lenders. The overall debt of the group is around Rs 30,000 crore.
Now that Reliance has cancelled the deal, Future Group will face bankruptcy proceedings under the Insolvency and Bankruptcy Code. Now Reliance can bid for the remaining assets of Future Group in the NCLT. In such a situation, Amazon has very few options left.
Piyush Verma
I am a Blogger and Web Designer.
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