Kotak Institutional Equities has reiterated buy rating on the stock and raised its SoTP-based FV to Rs 2,150 from Rs 1,750 earlier.
Reliance Industries (RIL) share price has wiped out its early gains and ended 3.7 percent lower on July 15 after the chairman Mukesh Ambani said will approach NCLT with a proposal to spin-off their O2C business into a separate subsidiary.
RIL has been approached by strategic investors in petrochemicals biz. “The deal with Saudi Aramco has not progressed as per original timelines, but remains committed to deal with Saudi Aramco,” he said.
Google will invest Rs 33,737 crore for a 7.7 percent stake in Jio Platforms, becoming the latest A-list investor in the digital unit of the company.
The share has touched a fresh record high of Rs 1,948.75 in the early trade ahead its 43rd Annual General Meeting.
Company Chairman Mukesh Ambani said Jio is ready with a world-class 5G solution. Field deployment can happen next year.
This 5G product will be available for trials as soon as the spectrum is available. Jio Platforms will be positioned for 5G solution to other telecom operators, he added.
The oil-telecom-to-retail major recently crossed Rs 12 lakh crore in market capitalisation becoming the first listed Indian entity to achieve the feat.
Kotak Institutional Equities has reiterated a buy rating on the stock and raised its SoTP-based FV to Rs 2,150 from Rs 1,750 earlier, ascribing higher value to the retail business and rolling forward to September 2021.
Also Read - RIL 43rd AGM: Here are 5 things to watch out for
"Our estimates remain largely unchanged as we incorporate the recent transactions and FY2020 AR. Progress on digital commerce business, monetization of incremental ecosystem opportunities, increase in telecom tariffs and recovery in O2C business environment are the key catalysts to watch out for," it added.
Potential closure of transactions related to O2C and fiber-InvIT, and further strategic partnerships in digital services and retail business can be positive triggers as well, it added further.
At 15:46 hrs Reliance Industries was quoting at Rs 1,845.60, down Rs 71.05, or 3.71 percent on the BSE.
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