RIL stock price hit all time high, trading at Rs 1800 per share on 6 July, 2020. The stock has rallied by 110 per cent since March 23.
Besides, RIL’s telecom arm Reliance Jio opened JioMeet app for the overall public, which may support up to 100 users during a session.
The launch comes after increased usage of apps like Zoom, Google Meet, Microsoft Teams, among others, during the coronavirus-triggered lockdown. Last week, Intel Capital announced to take a position Rs 1,894.50 crore for a 0.39 per cent equity stake in RIL’s digital-arm Jio Platforms. “RIL is now starting to incubate a replacement financial services business.
With the recent deleveraging exercise, involving a rights offering and therefore the sale of a stake within the Jio Platform to multiple investors, RIL has created a kitty of $22.5bn, allowing it to become net debt-free by FY21 per RIL calculations, and FY22 per HSBC calculations,” HSBC said during a research report.
Since April this year, RIL has raised a complete investment of Rs 1.17 lakh crore for an equity stake of 25.09 per cent in Jio Platforms.
Reliance has made the firm net debt-free nine months before its deadline, including the mega rights offering of Rs 53,124 crore. “We are positive on RIL from an extended term perspective as we believe that the digital and retail business are going to be key growth drivers for the corporate going forward.
The potential listing of the digital and retail business over subsequent 3-5 years would also cause significant value unlocking for shareholders within the end of the day . We also expect the hydrocarbon business to recover within the last half of the year as demand for petro products normalizes,” said Jyoti Roy, DVP Equity Strategist, Angel Broking Ltd.