The Reliance Industries (RIL) stock hit a new high amid reports that Saudi Arabia’s wealth fund is set to pick up more than two per cent in Jio Platforms.
At the BSE, the stock touched a new 52-week high of Rs 1,647.85 after opening at Rs 1,641.50. The share finally settled at Rs 1,617.50, a gain of 0.15 per cent over the last close. At close, the Mukesh D Ambani led entity had a market cap of Rs 10,25,398.50 crore.
The gains in the counter came on expectations of more deals in Jio Platforms which has so far raised more than Rs 1.04 lakh crore and optimism over its debt reduction plans.
Even as the digital services arm of Reliance has so far brought 10 foreign investors, the Gulf News reported that Saudi Arabia’s wealth fund — Public Investment Fund (PIF) — is set to pick up 2.33 per cent in Jio Platforms, thus taking the holding of financial investors to 25 per cent.
Meanwhile, brokerages continue to remain optimistic over its deleveraging plans with analysts saying there could be positive news coming even from its energy business on higher demand as lockdown restrictions are being done away with.
A Morgan Stanley report today said that the next leg of debt reduction surprise at RIL would be driven by energy as cash flows from the segment will outperform street expectations.
Analysts at the brokerage said refined product demand in India and globally is picking up more quickly and petrochemical demand has been more resilient. They further added that RIL's refinery run rates had remained high.
