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RIL gains on the buzz of Softbank looking to make $2-3 billion investment in its telecom arm

Mumbai : Reliance Industries is currently trading at Rs. 1375.00, up by 11.70 points or 0.86% from its previous closing of Rs. 1363.30 on the BSE. The scrip opened at Rs. 1370.00 and has touched a high and low of Rs. 1379.45 and Rs. 1366.35 respectively. So far 142543 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 1406.50 on 01-Apr-2019 and a 52 week low of Rs. 907.10 on 30-May-2018. Last one week high and low of the scrip stood at Rs. 1387.00 and Rs. 1341.00 respectively. The current market cap of the company is Rs. 870310.45 crore. The promoters holding in the company stood at 47.27%, while Institutions and Non-Institutions held 36.25% and 16.29% respectively.

Japan’s Softbank is reportedly looking to make a $2-3 billion investment in Reliance Industries’ (RIL) telecom arm — Reliance Jio Infocomm (Jio) as billionaire Mukesh Ambani looks to deleverage business by selling stakes. This comes on the back of reports of Saudi giant Aramco in discussions to buy a 25 percent stake in Reliance Industries’ refining and petrochemical business for $10-15 billion.

Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.