Reliance Industries Ltd has been constantly making headlines since the time the company declared its March quarter results recently. If you are a shareholder in the company or plan to buy the stock in the near future, then you can just not afford to miss the following crucial developments that may keep the Reliance stock counter buzzing for days to come.
SoftBank may invest in Reliance Jio: According to various media reports, SoftBank’s Vision Fund is involved in due diligence to buy a stake in Reliance Jio Infocomm that could be worth $2 -3 billion. Since SoftBank doesn’t hold a significant stake in any leading e-commerce player in India at present, its interest in the company hints at Reliance gearing up for its mega e-commerce launch soon.
Just for context, Japan’s $100 billion Vision Fund has investments in segment leaders like Uber, WeWork, OYO and many more.
Jio GigaFiber tariff plans: Reliance Jio GigaFiber is likely to bring a broadband-landline-TV combo service at a monthly charge of as low as Rs600, according to a media report. Jio GigaFiber is also reported to offer the option to connect at least 40 devices to its smart home network for up to Rs1,000. The landline and television services to consumers would reportedly be available in the next three months, and these will remain free for about a year before they are rolled out commercially--just like the existing broadband service. With such tariffs, Jio is expected to disrupt the broadband segment, much like it disrupted the telecom sector with cut-price mobile data plans and free voice calls.
Saudi Aramco eyeing stake in RIL: Earlier this week, there were reports of Saudi Aramco, the world's largest crude oil producer, being in advanced talks to buy up to a 25% stake in Reliance Industries' refining and petrochemicals businesses. A minority stake sale could fetch RIL around $10 billion to $15 billion, valuing the Indian company's refining and petrochemicals businesses at around $55 billion to 60 billion.
Reliance posted strong Q4 numbers: RIL reported a 9.8% increase in its quarterly profit, beating analysts’ estimates, boosted by its telecom (Reliance Jio Infocomm) and retail (Reliance Retail) divisions. Net profit rose to Rs10,362 crore for the quarter from Rs9,435 crore in the year-ago quarter.
Brokerages upgrade RIL stock: Most of the brokerages are upgrading Reliance Industries stock, raising their target prices, on strong quarterly results and possible deals. HDFC Securities has a buy rating on the stock with a target price of Rs1535. ShareKhan has a price target of Rs1630 on the stock, while Yes Securities expects RIL shares to touch Rs1835 levels in a year.
Reliance to start gas production from R-Cluster in FY21: Reliance has stated that it will start natural gas production from R-Cluster gas field in the KG-D6 block in the Bay of Bengal from the second half of 2020-21. Reliance and its partner BP Plc of UK had in June 2017 announced an investment of Rs 40,000 crore in the three sets of discoveries to reverse the flagging production in KG-D6 block. R-Cluster will be first to come on stream.
Comments
0 comment