The share price of Reliance Industries jumped over 4 percent on April 17 after the company raised Rs 8,500 crore through bonds after the Reserve Bank of India decided to provide additional liquidity to banks to fund firms impacted by the coronavirus outbreak.
Global research firm CLSA has a buy call on the stock and has cut target to Rs 1,500 from Rs 2,010 per share. It is of the view that Q4 standalone profit is likely to fall 16 percent QoQ, adding that Jio’s EBITDA may rise 16% QoQ and Retail by 42% YoY.
Mukesh Ambani-led Reliance Industries and Facebook are exploring the possibility of creating a multipurpose app, similar to Chinese super-app WeChat, by leveraging the WhatsApp platform and user base, said four people familiar with the matter. The two would bring in funding, technical knowhow and domain expertise for the project, they said, according to a report by the Economic Times.