Reliance shares see biggest intraday gain in decades after Saudi Aramco bid

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Reliance shares see biggest intraday gain in decades after Saudi Aramco bid

On Tuesday, the 13th of August, Indian multinational conglomerate, Reliance Industries Ltd. reported its biggest intra-day gain in more than a decade, after the Mumbai-based conglomerate of Mukesh Ambani, the richest man of Asia with net asset worth of $46.2 billion as of December 2018, had set a target to downsize its net debt to a zero-figure as early as within next one year and a half.

Besides, the India’s second largest Conglomerate by market cap, Reliance Industries Ltd., had pledged to reward shareholders with higher periodic bonus alongside dividends, which in effect added further bullish wing to Reliance Industries Ltd.’s share price.

In point of fact, followed by a 12 percent rise of Reliance share price on Tuesday’s (August 13th) market, its biggest intra-day gain since January 14th, 2009, analysts had been quoted saying that yesterday’s (August 12th) proposal of Saudi Aramco to purchase up to 20 percent stake of Reliance’s oil-to-chemical business at a roughly $15 billion buyout deal had been the key motivator behind Tuesday’s (August 13th) broad-based rally of Reliance share prices.

Nonetheless, after rising as much as 12 percent during pre-market trading, NSE-listed (National Stock Exchange of India) Reliance share prices had rounded off the day 9.74 percent higher to INR 1,275.30 per share, which eventually uplifted the company cap within a touching distance to being the highest-valued Indian company.

As of Tuesday’s (August 13th) market closure, market valuation of Reliance Industries Ltd. trails by roughly $1 billion of Tata Consultancy Services’.