reliance industries

The rally in TCS stocks was apparently driven by HCL Technologies’ mid-quarter review and guidance. HCL is expecting revenue growth of 3.5% in this after, after reporting loss of 7.2% in June quarter.

Reliance Industries had crossed $ 150 billion market capitalisation on June 19, 2020. In less than 60 days, it has added around $ 60 billion in investor value.

The development came a day after announcing that US technology investor Silver Lake will invest Rs 7,500 crore in Reliance Retail Ventures.

Hero MotoCorp was up by 6.4 per cent to close at Rs 3,159.95 per share while Bajaj Auto gained by 2.2 per cent at Rs 3,076. TVS Motor ticked up by 4.8 per cent at Rs 467.55 per share.

Asian equities fell due to the US Federal Reserve's cautious view of the economy, tensions with China and new clusters of coronavirus infections.

It is worth noting that Reliance Industries raised capital worth Rs 1,52,056 crore in the midst of a pandemic, by selling over 33% stake in its Reliance Jio platforms to partners such as Google and Facebook.

Among stocks, index heavyweight Reliance Industries offset yesterday's losses and gained by 7.44 per cent to close the session at Rs 2,158.50 per share.

US GDP collapsed at a 32.9 per cent annualised rate in the second quarter, the deepest decline on record, while jobless claims rose last week.

Private lenders Axis Bank, IndusInd Bank and ICICI Bank gained by 3.6 per cent, 3 per cent and 2 per cent respectively while IT majors Tech Mahindra, Infosys and HCL Technologies were up by 4.2 per cent, 3.5 per cent and 2.5 per cent.

The company's market valuation rose by Rs 40,508.8 crore to close at Rs 11,73,677.35 crore on the BSE.This comes after the Oil to telecom giant bagged 12th foreign investment for its digital-arm Jio Platforms on Friday.