RIL scales fresh record high on Qualcomm's Rs 730 crore investment in Jio Platforms
With a market capitalisation of Rs 12.13 lakh crore, shares of RIL traded at a price to earnings and price-to-book value of 41.10 times and 2.99 times in the early trade, according to BSE.
By ETMarkets.com |
Reuters
Shares of Reliance Industries scaled fresh all-time high in Monday’s early trade after the energy-to-telecom behemoth on Sunday said it has secured Rs 730 crore from wireless technology leader Qualcomm by selling a small stake in its technology venture, adding to a slew of investments since April that has crossed Rs 1.18 lakh crore.
The scrip rallied as much as 2.87 per cent to hit new lifetime high of Rs 1917.70, while the benchmark BSE Sensex traded 0.92 per cent higher at 36,932.
“Qualcomm Ventures’ investment will translate into 0.15 per cent equity stake in Jio Platforms on a fully diluted basis,” the company said in a statement.
The investment, the company said, will deepen the ties with Qualcomm that will help Jio rollout of advanced 5G infrastructure and services in India.
With this deal, Reliance has sold 25.24 per cent stake in Jio Platforms - the unit that houses India's youngest but largest telecom firm Jio Infocomm and apps. In total, Jio has raised Rs 1,18,318.45 crore.
With a market capitalisation of Rs 12.13 lakh crore, shares of RIL traded at a price to earnings and price-to-book value of 41.10 times and 2.99 times in the early trade, according to BSE.
Brokerage firm Motilal Oswal Financial Services has ‘Buy’ call on RIL with a target price of Rs 2,000.
“As RIL has achieved a decent foothold in both digital services and organised retail, we believe it would now turn its focus to the ‘oil-to-chemicals’ project, for which it has signed an MoU with Saudi Aramco. RIL had guided for this project in its 2019 Annual General Meeting,” Motilal Oswal Financial Services said.
The scrip rallied as much as 2.87 per cent to hit new lifetime high of Rs 1917.70, while the benchmark BSE Sensex traded 0.92 per cent higher at 36,932.
“Qualcomm Ventures’ investment will translate into 0.15 per cent equity stake in Jio Platforms on a fully diluted basis,” the company said in a statement.
The investment, the company said, will deepen the ties with Qualcomm that will help Jio rollout of advanced 5G infrastructure and services in India.
With this deal, Reliance has sold 25.24 per cent stake in Jio Platforms - the unit that houses India's youngest but largest telecom firm Jio Infocomm and apps. In total, Jio has raised Rs 1,18,318.45 crore.
With a market capitalisation of Rs 12.13 lakh crore, shares of RIL traded at a price to earnings and price-to-book value of 41.10 times and 2.99 times in the early trade, according to BSE.
Brokerage firm Motilal Oswal Financial Services has ‘Buy’ call on RIL with a target price of Rs 2,000.
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“As RIL has achieved a decent foothold in both digital services and organised retail, we believe it would now turn its focus to the ‘oil-to-chemicals’ project, for which it has signed an MoU with Saudi Aramco. RIL had guided for this project in its 2019 Annual General Meeting,” Motilal Oswal Financial Services said.
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