Reliance Industries has allotted 44,567 equity shares of Rs. 10/- each, pursuant to the Employees StockOption Scheme of the Company.

Powered by Capital Market - Live News

The brokerage reportedly said that tariff increase by RIL's telecom arm, Reliance Jio Infocomm, could bring an annual cash flow of more than $1.5 billion, which will help the company achieve zero net debt target by FY21. The brokerage has raised FY20/21/22 EPS estimates by 15%/12%/20% and increased EV for Jio to $67 billion.

Shares of Reliance Industries (RIL) rose as much as 4.10% to hit an intraday high of Rs 1571.85. The company is inching towards the Rs 10 lakh crore market-cap, as currently it stands at Rs 9,90,240.02 crore.

Reliance Jio on Tuesday announced that it will join rivals Bharti Airtel and Vodafone Idea in raising mobile tariffs. Jio said it will take measures including appropriate increase in tariffs in the next few weeks in a manner that does not adversely impact data consumption or growth in digital adoption and sustains investments.

Meanwhile, the Telecom Regulatory Authority of India (TRAI) data showed that Reliance Jio added 69.83 lakh mobile subscribers in September this year to take its subscriber base to 35.52 crore. In contrast, Vodafone Idea and Bharti Airtel lost over 49 lakh users during the month under review.

Last week, Moody's Investors Service affirmed RIL's Baa2 domestic long-term issuer rating and foreign currency senior unsecured rating. At the same time, Moody's has affirmed the Baa2 backed domestic currency senior unsecured debt ratings on the USD denominated bonds issued by Reliance Holding USA, Inc., with a guarantee from RIL. The outlook on the ratings above is stable.

RIL's consolidated net profit rose 18.3% to Rs 11,262 crore on 3.6% rise in net sales to Rs 148526 crore in Q2 September 2019 over Q2 September 2018.

Reliance Industries is an Indian multinational conglomerate company. The company owns businesses across India engaged in energy, petrochemicals, textiles, natural resources, retail, and telecommunications.

Powered by Capital Market - Live News

The stock hit a high of Rs 1,571 in intraday trade so far, which is record high for the counter. The stock hit a low of Rs 1,055.35 so far during the day.

Reliance Jio said it will also work with the Government and comply with the regulatory regime to strengthen the industry to benefit Indian consumers and take measures including appropriate increase in tariffs in next few weeks in a manner that does not adversely impact data consumption or growth in digital adoption and sustains investments.

Reliance Jio Infocomm, a subsidiary of Reliance Industries, is a telecommunications company. It operates a national LTE network with coverage across all 22 telecom circles.

Powered by Capital Market - Live News

At the same time, Moody's has affirmed the Baa2 backed domestic currency senior unsecured debt ratings on the USD denominated bonds issued by Reliance Holding USA, Inc., with a guarantee from RIL. The outlook on the ratings above is stable.

The ratings affirmation reflects the significant improvement in RIL's scale and business mix over the last two years, as it reaps the benefits from its investments over the last five years in its hydrocarbon and consumer businesses, says Vikas Halan, a Moody's Senior Vice President.

The affirmation also incorporates our expectation that RIL's credit metrics will remain appropriate for its Baa2 ratings over the next 12-18 months, as the company has completed its investment cycle and will start reducing its borrowings through higher earnings, adds Halan.

Over the last five years, RIL has spent Rs 3.6 trillion on increasing its refinery complexity, expanding its petrochemical capacity, building its digital services business and expanding its retail business.

In addition to the improved efficiency and scale of the legacy refining and petrochemical segments, RIL has also added highly resilient digital services and retail segments into its business mix.

Given the change in RIL's business mix, Moody's no longer views RIL as only an oil refining and marketing company but a mix of diverse businesses.

Shares of Reliance Industries fell 0.95% to Rs 1458.25 on Thursday. During the day, the scrip traded in the range of Rs 1456.05 and Rs 1481.

RIL's consolidated net profit rose 18.35% to Rs 11262 crore on 3.63% rise in net sales to Rs 148526 crore in Q2 September 2019 over Q2 September 2018.

Reliance Industries is an Indian multinational conglomerate company. The company owns businesses across India engaged in energy, petrochemicals, textiles, natural resources, retail, and telecommunications.

Powered by Capital Market - Live News