RIL firms up after promoter hikes stake

Reliance Industries gained 0.66% to Rs 1205.15 after the promoter group hiked stake in the company.

On 13 September 2019, Reliance Services and Holdings, a part of promoter group, acquired 17.18 crore equity shares, or 2.71% stake, in Reliance Industries (RIL). The aggregate shareholding of the promoter and promoter group now stands at 309.80 crore shares, or 48.87% equity.

In its 42nd annual general meeting (AGM) on 12 August 2019, RIL chairman and managing director Mukesh Ambani said RIL ended last year with net debt of Rs 154,478 crore. The company has clear roadmap to becoming a zero net debt company within the next 18 months that is by 31 March 2021.

The Mukesh Ambani-owned telco Reliance Jio launched its fiber-to-the-home service Jio Fiber across the country on 5 September 2019. Jio Fibre plan starts with 100 Mbps speed and goes all the way up to 1 Gbps or 1000 Mbps. Jio Fiber plans are priced between Rs 700 to Rs 10,000 per month. Reliance Jio has invested nearly Rs 3.5 lakh crore towards creating a digital infrastructure across India, with the largest optical fiber footprint. Jios customer base has crossed 340 million users and it is signing up more than 10 million new customers each month.

Meanwhile, the S&P BSE Sensex was up 42 points or 0.12% to 36,523.36.

On the BSE, 1.03 lakh shares were traded in the counter so far compared with average daily volumes of 43 lakh shares in the past one quarter. The stock hit a high of Rs 1216.1 and a low of Rs 1202.25 so far during the day.

The stock hit a 52-week high of Rs 1417 on 03 May 2019. The stock hit a 52-week low of Rs 1017 on 25 Oct 2018.

On a consolidated basis, the conglomerate's net profit rose 6.8% to Rs 10104 crore on a 21.9% increase in the net sales to Rs 156976 crore in Q1 June 2019 over Q1 June 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.

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