RIL - Investments in Reliance Retail - Angel Broking

Mr. Jyoti Roy - DVP - Equity Strategist, Angel Broking Ltd

"Over the last few days Reliance Industries Ltd. has announced a slew of investments by private equity players in Reliance Retail ventures Ltd. Mubadala, GIC and TPG have announced investments of Rs. 6,247.5cr., Rs. 5,512.5cr. and Rs. 1,837.5cr respectively since the beginning of October. With this RIL has now announced cumulative investments of Rs. 32,198 cr. in Reliance Retail so far for a 7.28% stake in the company so far. This is in line with our expectations and we expect the company will continue to announce more such deals in the near future. We maintain our positive view on Reliance industries Ltd. and expect that the digital and the retail business will be the future growth drivers for the company. We continue to maintain our buy rating on reliance Industries with a target of ₹ 2,543."

Shares of RELIANCE INDUSTRIES LTD. was last trading in BSE at Rs.2225.05 as compared to the previous close of Rs. 2233.75. The total number of shares traded during the day was 285180 in over 14214 trades.

The stock hit an intraday high of Rs. 2264 and intraday low of 2213.85. The net turnover during the day was Rs. 638137256.

Source : Equity Bulls

Keywords