According to CLSA the investment by Facebook & Silver Lake should help to positiion Jio as a tech major.
Reliance Industries (RIL) share price rose nearly 2 percent in the early trade on May 5 as research house CLSA has maintained buy call on the stock with a target at Rs 1,770 per share.
According to CLSA, the investment by Facebook & Silver Lake should help to positiion Jio as a tech major.
The company should achieve its target to bring down net debt by Rs 1.5 lakh crore, it said.
Another stake sale in Jio and progress in InvIT stake sale are the major triggers, while Aramco deal was one of the major triggers as well, it added.
Also Read - Reliance Jio-Silver Lake deal boosts confidence; experts see re-rating of stock
The company has reported a consolidated March quarter profit at Rs 6,348 crore, dropped 45.5 percent due to the slump in oil prices triggered by coronavirus but an impressive 72.7 percent sequential growth by Jio Platforms limited the decline.
At 09:24 hrs Reliance Industries was quoting at Rs 1,450.35, up Rs 14.95, or 1.04 percent on the BSE.
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