With a footprint encompassing B2C and B2B retail as well as the kirana network, which can all feed its online business JioMart, Reliance Retail is well poised to command the market
Intel becomes second strategic investor in Jio Platforms after Facebook. Reliance Industries digital unit has now raised a total Rs 117,588.45 crore from some of the world’s leading tech investors in exchange for a cumulative 25.09 percent stake.
Jio deals and rights issue help RIL meet the target nine months ahead of the March 2021 deadline.
In the top-10 list, only Reliance Industries Ltd and Bharti Airtel managed to close the trading week with gains.
The board is scheduled to meet on April 30, where it will also recommend a dividend on equity shares of the company
During the last holiday-shortened week, the Sensex rallied 3,568.67 points or 12.93 percent.
Shares of RIL zoomed 7.76 percent to close at Rs 1,112.45 on Tuesday, while TCS rose 2.64 percent to Rs 1,823.05.
The company also said in a statement that it is contributing Rs 5 crore each towards the states of Maharashtra and Gujarat in order to lend them support amid the ongoing outbreak.
"RIL has deployed the combined strengths of Reliance Foundation, Reliance Retail, Jio, Reliance Life Sciences, Reliance Industries, and all the 6,00,000 members of the Reliance Family on this action plan against COVID-19," the company said.
The company neither disclosed the name of the creditors nor the quantum of liabilities.
A heavy sell-off in the equity market since past few days has pulled down RIL's market valuation sharply.
During the last week, the BSE Sensex plunged 720.67 points or 1.88%. On Friday, the Sensex plummeted 894 points amid the Yes Bank crisis and coronavirus outbreak which has stoked fears of a global recession.
At the start of the year, Ambani stood at the 13th on the Forbes 2019 rich list. He is now moved to nineth overtaking Alphabet CEO Larry Page.
He pointed out that their consumer business formed nearly one-third of the Q2 EBITDA, with the segment witnessing a healthy growth.
The m-cap of Tata Consultancy Services (TCS) was at Rs 7,75,092.58 crore, which is Rs 20,087.04 crore less than that of RIL's.
Going forward, the free cash flows should improve substantially on the back of monetisation of tower assets, commercialisation of fibre business and minimal capex requirements.
Both TCS and RIL keep competing with each other for the coveted title of the most valued domestic firm in terms of market capitalisation.
"Reliance Industrial Investments and Holdings Limited (RIIHL), a wholly owned subsidiary of the company has incorporated a company viz., Jio Estonia OU in Estonia, on November 22, 2018. Entire paid up capital of Jio Estonia OU is held by RIIHL," RIL said in a BSE filing.
Shares of RIL rose by 2.09 percent to settle at Rs 1,163.65 while that of TCS ended 0.64 percent higher at Rs 1,961.70 on the BSE.
Shares of RIL today opened at Rs 1,206.50, then gained further ground and touched its 52 week high level of Rs 1,238.05.
India Gas Solutions is a 50:50 joint venture company of Reliance Industries Limited (RIL) and BP International Limited (BP) in the business of marketing gas and LNG in India.
The Memorandum of Understandings were a follow-up action to the meeting Reliance Industries Limited Chairman Mukesh Ambani had with Chief Minister N Chandrababu Naidu in Amaravati on February 13.
With this, Jamnagar in Gujarat has also become home to the world's largest operating refinery off-gas cracker, said RIL that also runs the world's largest single location petroleum refinery at Jamnagar with a 60 million tonne annual capacity.
The quarter marked the first standalone reporting for Jio, and the numbers were better-than-expected with both EBIT and EBITDA being positive
Mitessh Thakkar of miteshthacker.com suggests buying Reliance Industries.