Tag: reliance industries ltd

A downgrade of Reliance Industries Ltd by Nomura Holdings Inc. analyst Anil Sharma’s team will pique investor interest for multiple reasons. Apart from the timing, with commodities hitting new records and Reliance’s earnings due on Friday, this move to slash billionaire Mukesh Ambani’s oil-to-tech conglomerate to neutral from buy may carry more weight with investors due to the analyst’s background. It’s also the broker’s first downgrade on the stock in many years, according to data compiled by Bloomberg. While the outlook for Reliance’s key businesses has continued to improve, the company’s valuations look expensive after a recent surge in its shares, Sharma and his associate Aditya Bansal wrote in a note dated Oct. 18. Shares have risen more than 30% from the end of July, compared with an 18% advance in the benchmark S&P BSE Sensex Index. Read more

Indian markets started on a tepid note today(13th September 2021), following a wobbly trade in the global markets. The S&P BSE Sensex quoted at 58,120.5 levels, down 189.5 points or 0.3 percent in early deals while the broader Nifty50 slipped below the 17,350-mark at 17,320, down 50 points. Individually, Reliance Industries slipped 1 percent after the company postponed the launch of JioPhone Next till Diwali amid chip shortage. That apart, ICICI Bank, HCL Tech, Infosys, Nestle India were the other top losers. In the broader market, the BSE MidCap and SmallCap indices traded mixed. Read more

Alphabet Inc's Google is in advanced talks to invest $4 billion for a stake in the digital arm of Reliance Industries Ltd, Bloomberg reported today (14th July 2020), according to some sources. Investors, including Facebook and KKR & Co, have already poured in a combined $15.64 billion for just over 25% in Jio Platforms. The funding spree, which began late April, and a share sale by Reliance have helped make India's biggest company net-debt free.

Mukesh Ambani's Jio telecom carrier is emerging as a winner from changes in the way Indian consumers plug into a digital economy made more urgent by the coronavirus pandemic. For Indian shoppers who prefer to order online, it is launching a grocery ordering service with Facebook Inc's popular WhatsApp messaging. For Bollywood fans who would prefer to avoid a crowded theater, it is readying same-day-release on the Jio platform. Those plans had been in the making for months, but the pandemic has given them a shot in the arm. India's 10-week lockdown has also led to a surge in demand for data, boosting Jio's phone and broadband offerings. Read more