 "reliance industries, RIL")
The Reliance Industries (RIL) stock gained over 10 per cent after Facebook announced that it would buy 9.99 per cent stake in Jio Platforms, a 100 per cent subsidiary of RIL, for Rs 43,574 crore.
The deal, which has kick-started the monetisation of digital assets, is expected to help RIL reduce debt, create an incremental revenue stream and could lead to higher valuations for its consumer facing verticals, especially Reliance Retail.
The immediate trigger was falling leverage levels, which was positive as it came at a time when its core oil and gas vertical was facing major headwinds because of
