AbhuDhabi Fund Mubadala - JIO Deal - Angel Broking

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

"RIL's digital business (JIO Platforms) has attracted investments from marquee investors like Facebook, Silver Lake Partners, General Atlantic, KKR, Vista Equity Partners and Mubadala of INR 87,655 cr, which along with the right issue of INR 53,125 cr. will help the company bring down it's debt levels by almost 1.4 lakh cr. Investments by such marquee names in Jio platforms also helps increase our confidence in the company's strategy to transform from a brick and mortar company into a digital play.

RIL has built up a dominant position in both the telecom and retail business where it is the marker leader. We believe that the telecom and retail business will be key growth drivers for the company over the next few years while the company's foray into e-commerce through it's JioMart platform will be a value creator for the shareholders in the long run. We currently have a BUY rating on the stock with a SOTP based target price of INR 1,748."

Shares of RELIANCE INDUSTRIES LTD. was last trading in BSE at Rs.1579.95 as compared to the previous close of Rs. 1542.45. The total number of shares traded during the day was 710718 in over 28904 trades.

The stock hit an intraday high of Rs. 1589 and intraday low of 1540. The net turnover during the day was Rs. 1115004726.

Source : Equity Bulls

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