Reliance Industries' stock price hit an all-time high of Rs 1947 on Monday, a day after global wireless technology major Qualcomm said it would invest Rs 730 crore in Jio Platforms, RIL's technology arm. The closing price of Rs 1934, up 3 percent over the previous, was also the highest.

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Qualcomm's investment in Jio Platforms through its arm Qualcomm Ventures is the thirteenth investment--the third by a strategic investor, after Facebook and Intel--in under three months.

In the process, RIL has become the first ever Indian company to log a market capitalisation of over Rs 12 lakh crore. At Monday's closing price, RIL's market capitalisation stood at Rs 12.3 lakh crore or $164 billion. Including the $6 billion from the partly paid up shares, which closed at Rs 1058 on Monday, RIL's total market capitalisation now stands at $170 million.

Of this, $10 billion was added over the last week alone. To put this number in perspective, Google today said it would invest $10 billion in India over the next 5-7 years.

In rupee terms, Reliance Industries has added Rs 9 lakh crore to its market capitalisation in the last 6 years – of which one-third or Rs 3 lakh crore was added in the last 10 months.

At current market price, Reliance Industries is also the 51st most valued firm in terms of market capitalisation globally, and among the top 10 in Asia.

Jio Plaforms has so far raised Rs 118,318.45 crore from leading technology investors including Facebook, Silver Lake Partners, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, PIF, Intel Capital and Qualcomm Ventures.

Qualcomm's investment is at a similar valuation to the other recent investments in Jio – equity valuation of Rs 4.91 lakh crore and enterprise valuation of Rs 5.16 lakh crore.

Among brokerages, Credit Suisse maintained 'neutral' stance on the oil-to-technology giant RIL with target price raised to Rs 1,690.

According to the brokerage, significant progress is made in many of Jio’s non-wireless verticals. We increase JIo's enterprise value to $88.5 billion by including Jio's non-wireless verticals, it added.

Qualcomm is an American public multinational corporation headquartered in San Diego, California and incorporated in Delaware. It creates intellectual property, semiconductors, software, and services related to wireless technology. Qualcomm was established in 1985.

(Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd)

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First Published:Jul 13, 2020 9:44 AM IST