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NEW DELHI: Shares of Reliance Industries added over Rs 17,000 crore to investor
wealth
after the company announced a bonus issue in 1:1 ratio, even as the launch of much-awaited 4G mobile handset could not generate Street interest.
There were anticipations that the telecom major would announce a Rs 500 4G mobile handset.
Instead, the company’s managing director and chairman Mukesh Ambani announced JioPhone for which subscribers would need to pay an initial deposit of Rs 1,500, fully refundable after 3 years. The stock retreated, before announcement of bonus share issue of 1:1 re-energised the counter.
Following the phone announcement, the stock retreated bit, before rebounding on bonus issue. The stock jumped 3.89 per cent to hit a high of Rs 1,588.20 on BSE. Though it turned volatile thereafter.
By 12.40. the most-valued firm added about Rs 17,000 crore to its market capitalisation (m-cap) to about Rs 5.14 lakh crore, compared with Thursday’s Rs 4.97 lakh crore.
Reliance Industries’ market capitalisation soared a massive 50,000 times to Rs 5 lakh crore now from mere Rs 10 crore in 1977, chairman, managing director Mukesh Ambani said in its 40th annual general meeting on Friday.
In a speech, Ambani said the company’s revenue jumped 4700 times to over Rs 3,30,000 crore now from Rs 70 crore in 1977, while its net profit jumped 10,000 times from 3 crore to Rs 30,000 crore during the 40 year period.
Ambani noted that the company's Shareholders' money has doubled in every 2.5 years.
Nobody believed that we would attract customers fast enough to justify out Rs 4,00,000 crore investment, but Reliance Jio stunned the world with achieving 100 million customer target within 170 days, Ambani said.
http://economictimes.indiatimes.com...11-bonus-share-issue/articleshow/59696272.cms
wealth
after the company announced a bonus issue in 1:1 ratio, even as the launch of much-awaited 4G mobile handset could not generate Street interest.
There were anticipations that the telecom major would announce a Rs 500 4G mobile handset.
Instead, the company’s managing director and chairman Mukesh Ambani announced JioPhone for which subscribers would need to pay an initial deposit of Rs 1,500, fully refundable after 3 years. The stock retreated, before announcement of bonus share issue of 1:1 re-energised the counter.
Following the phone announcement, the stock retreated bit, before rebounding on bonus issue. The stock jumped 3.89 per cent to hit a high of Rs 1,588.20 on BSE. Though it turned volatile thereafter.
By 12.40. the most-valued firm added about Rs 17,000 crore to its market capitalisation (m-cap) to about Rs 5.14 lakh crore, compared with Thursday’s Rs 4.97 lakh crore.
Reliance Industries’ market capitalisation soared a massive 50,000 times to Rs 5 lakh crore now from mere Rs 10 crore in 1977, chairman, managing director Mukesh Ambani said in its 40th annual general meeting on Friday.
In a speech, Ambani said the company’s revenue jumped 4700 times to over Rs 3,30,000 crore now from Rs 70 crore in 1977, while its net profit jumped 10,000 times from 3 crore to Rs 30,000 crore during the 40 year period.
Ambani noted that the company's Shareholders' money has doubled in every 2.5 years.
Nobody believed that we would attract customers fast enough to justify out Rs 4,00,000 crore investment, but Reliance Jio stunned the world with achieving 100 million customer target within 170 days, Ambani said.
http://economictimes.indiatimes.com...11-bonus-share-issue/articleshow/59696272.cms
