RIL Current Affairs - 2019
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Mukesh Ambani-led Oil-to-telecom major Reliance Industries (RIL) has become the first company in India to hit the market capitalisation (m-cap) of Rs.9 lakh crore. RIL was also the first company to reach Rs.8 lakh crore mark in August 2018. IT giant Tata Consultancy Services (TCS) was at a distant second with a m-cap of Rs.7.66 lakh crore. It was the also second company to reach Rs.8 lakh crore mark.
On 18 October 2019, the market-cap of Reliance Industries (RIL) stood at Rs.9.03 lakh crore when the stock traded at Rs.1,428, up 2% on the BSE SENSEX, ahead of its September quarter earnings. This rise in share price helped the company reach the news milestone.
In 2007, RIL was the first Indian company to hit $100 billion mark in market-cap. RIL also became first domestic firm to cross Rs.8 lakh crore mark in terms of market valuation in August 2018. In calendar 2019, the stock has climbed 28% so far.
RIL now aims to double the revenue of energy-to-telecom behemoth, riding on retail and telecom segments by 2025.
What is market capitalisation (m-cap)? It is calculated by multiplying total number of company’s outstanding shares by the current market price of one share. The market-cap figure of listed companies changes daily with stock price movement.
Tags: Market Capitalisation • Mukesh Ambani • Reliance industries • RIL • TCS
Telecom-to-energy conglomerate Reliance Industries (RIL) and India’s largest lender State Bank of India (SBI) have signed Subscription and Shareholders’ Agreement to set up payments bank.
As per the agreement, RIL will be the promoter with a 70 per cent equity contribution in the payments bank and SBI as joint venture will have 30 per cent equity contribution.
- RIL-SBI combine was among the 11 entities that were in August 2015 were given licence by the Reserve Bank of India (RBI) to start a payments bank.
- So far two of these – Cholamandalam Investment and Finance Co and Sun Pharma, IDFC Bank and telecom operator Telenor have decided to shelve plans of launching payments bank.
About Payments banks
- Payments banks are small deposit-taking institutions that can accept deposits (initially up to 1 lakh rupees per individual).
- Besides, they will offer Internet banking, facilitate money transfers and sell insurance and mutual funds by piggy-backing on existing retail or other networks.
- They can also issue ATM/debit cards, but not credit cards. However, they are also not allowed to lend. Instead, they can invest 75% of their deposits in short-term government bonds.