Reliance Industries has been gaining after it secured three back-to-back investment deals for its Jio Platforms.
Reliance Industries (RIL) share price jumped more than 3 percent in the morning trade on BSE on May 11, looking to extend its winning streak into the fifth consecutive session.
The oil-to-retail major has been gaining after brokerages and analysts reacted positively on Reliance Industries’ Jio Platforms securing three back-to-back deals.
The three investments in Jio Platforms are expected to fast-track RIL’s target of emerging net debt-free on a net cash basis by March 2021.
On April 22, Facebook announced its decision to invest Rs 43,574 crore in Jio Platforms for a 9.99 percent stake.
Silver Lake on May 4 said it would invest Rs 5,655.75 crore for a 1.15 percent stake at an equity value of Rs 4.90 lakh crore. Four days later, Vista Equity Partners picked a 2.32 percent stake for Rs 11,367 crore.
Overall, experts remain bullish on the stock given its current and expected growth in telecom and digital business and the company’s deleveraging plan. They feel the deal with Facebook will boost Reliance Retail's business and help RIL grow much faster.
On April 30, RIL announced India's biggest rights issue of Rs 53,125 crore at Rs 1,257 per share.
In a BSE filing on May 9, the company announced May 14 as the ‘Record Date’ for the purpose of the rights issue.
At 1010 hours, the stock was trading 2.47 percent up at Rs 1,600.40 on BSE.
Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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