Reliance share price: The mega deal will give Facebook a foothold in the Indian market
Reliance Industries shares have extended the gains registered in the previous week in wake of the 9.99 per cent stake purchase in Reliance Jio by Facebook. At 9:35 am, the stock of Reliance Industries was quoting at Rs 1456, higher by 39 points or 2.7 per cent, on the BSE. The shares had opened the day at Rs 1440 and have touched an intra-day high of Rs 1465 and a low of Rs 1431 thus far.
Last Wednesday Reliance Jio Infocomm, part of billionaire Mukesh Ambani’s Reliance Industries group announced an investment of Rs 43,574 crore in Jio Platforms from Facebook Inc. The US-based social media major’s investment will translate to a 9.99 per cent stake in Jio Platforms on a fully-diluted basis, Reliance Jio had said in a statement. This is the largest investment for a minority stake by a tech company anywhere in the world. The transaction is however, subject to regulatory approvals.
The mega deal will give the social media giant a foothold in the massive Indian market and help the Indian oil-to-telecom conglomerate to cut its debt significantly.
The share of the index heavyweight had soared over 10 per cent on April 22 after Facebook announced the investment and eked decent gains in the subsequent trading sessions of the week as well.
In the ranking of top-10 firms, RIL has regained its numero uno position after momentarily losing its place to TCS. The IT major, TCS, HDFC Bank, HUL, Infosys, HDFC, Bharti Airtel, Kotak Mahindra Bank, ITC and ICICI Bank are the others in the coveted list of top 10 firms by market capitalisation.
