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After BIG announcement, shares of Anil Ambani's Reliance surge by 5%, market cap reaches Rs...
The Reliance stock has seen a strong rally in recent times. The company will invest Rs 10,000 crore over the next 10 years in a new defence project.
Updated : Oct 23, 2024, 05:12 PM IST
 "Anil Ambani")
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A day after the big announcement of a defence project, shares of Anil Ambani's Reliance company surged by 4.99 per cent on Wednesday. Ambani's flagship firm Reliance Infrastructure Ltd announced on Tuesday that it will invest Rs 10,000 crore over the next 10 years in a new defence project. It will set up India's largest integrated project in Maharashtra's Ratnagiri for the manufacturing of explosives, ammunition, and small arms.
Reliance Infrastructure stock hit an upper circuit after a 5 per cent jump. It jumped by Rs 12.70 to Rs 267.25 on Wednesday. The market cap of the company reached Rs 10577 crore today. The Reliance stock has seen a strong rally in recent times. The stock has given a multi-bagger return of 28 per cent in 2024, 53 per cent in one year, 92 per cent in 2 years and 900 per cent in 5 years.
In September this year, Reliance Infra had announced it slashed its debt by 87 per cent to Rs 475 crore. The company cleared outstanding dues of LIC, ICICI Bank and other lenders. It paid Rs 600 crore to LIC to settle all outstanding. In stock exchange filings and press statements, Reliance Infra said its standalone external debt has reduced from Rs 3,831 crore to Rs 475 crore.
Now, the company has been allotted 1,000 acres of land in the Watad Industrial Area of Ratnagiri, Maharashtra to develop Dhirubhai Ambani Defence City (DADC).. "DADC will be the largest greenfield project in the defence sector in India by any private sector company," the firm said.
