Investors and brokers of a Rajasthan-based financial services watch the stock prices on a digital screen. File
| Photo Credit: ANI

Benchmark equity indices climbed in early trade on Tuesday amid buying in HDFC Bank and Reliance Industries along with a positive monsoon forecast.

The 30-share BSE Sensex climbed 194.9 points to 75,585.40 in early trade. The NSE Nifty went up by 59.95 points to 22,992.40.

From the Sensex firms, NTPC, JSW Steel, Tata Steel, Wipro, State Bank of India, Larsen & Toubro, Bajaj Finance, Mahindra & Mahindra, HDFC Bank and Reliance Industries were the biggest gainers.

Tech Mahindra, ITC, Power Grid, Asian Paints and Titan were among the laggards.

Equity benchmarks were on a record-breaking rally for the third straight day on Monday ahead of the results of Lok Sabha polls.

The results of the ongoing general elections will be declared on June 4.

“Nifty is expected to continue its upward trend, though key events like the exit poll results, GDP data, and May F&O expiry could influence the market. Positive monsoon forecasts are likely to support agricultural output and economic growth,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

India’s core monsoon zone covering most of the rain-fed agriculture areas in the country is likely to receive above-normal rainfall this season, the IMD said on Monday.

In Asian markets, Seoul and Hong Kong were quoting in the positive territory while Tokyo and Shanghai traded lower.

U.S. markets were closed on Monday for the Memorial Day holiday.

Global oil benchmark Brent crude climbed 0.23% to $83.29 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹541.22 crore on Monday, according to exchange data.

The BSE benchmark ended lower by 19.89 points or 0.03% at 75,390.50 on Monday. Intra-day, the barometer climbed 599.29 points or 0.79% to an all-time peak of 76,009.68.

The Nifty declined by 24.65 points or 0.11% to end at 22,932.45. The 50-issue barometer climbed 153.7 points or 0.66% to hit a new lifetime high of 23,110.80 during the day.

“As we approach the election results a bit of nervousness is visible in the market. The sharp correction in Nifty in the afternoon on Monday indicates this nervousness,” said V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Reliance has agreed to invest around ₹11,500 crore in the joint venture to grow the OTT business.
| Photo Credit: Reuters

Walt Disney Co and Reliance Industries on February 28 announced signing of binding pacts to merge their media operations in India to create a ₹70,000 crore behemoth.

Reliance and its affiliates will hold 63.16% in the combined entity while Disney will hold the remaining 36.84%, the companies said in a statement.

Reliance has also agreed to invest around ₹11,500 crore in the joint venture to grow the OTT business.

Nita Ambani, wife of Reliance Industries chairman Mukesh Ambani, will head the joint venture while Uday Shankar will be the vice chairperson.

Image for representational purposes only.
| Photo Credit: The Hindu

Equity benchmark indices climbed in early trade on February 7 amid buying in shares of State Bank of India and Reliance Industries along with firm trends in the U.S. markets.

Fresh foreign fund inflows also added to the positive momentum in equities.

Extending its previous day’s rally, the 30-share BSE Sensex jumped 373.12 points to 72,559.21 in early trade. The Nifty climbed 123.9 points to 22,053.30.

Among the Sensex firms, State Bank of India, Axis Bank, JSW Steel, Tata Steel, Titan, Kotak Mahindra Bank, Bajaj Finance, Bajaj Finserv, Sun Pharma and Reliance Industries were the major gainers.

HCL Technologies, Infosys, Power Grid, Wipro, Tech Mahindra and ICICI Bank were among the laggards.

In Asian markets, Seoul and Shanghai were trading in the positive territory while Tokyo and Hong Kong were quoted in the negative zone.

The U.S. markets ended with gains on February 6.

Foreign Institutional Investors (FIIs) bought equities worth ₹92.52 crore on February 6, according to exchange data.

The BSE benchmark climbed 454.67 points or 0.63% to settle at 72,186.09 on February 6. The Nifty went up by 157.70 points or 0.72% to 21,929.40.

Global oil benchmark Brent crude climbed 0.20% to $78.75 a barrel.

Reliance Industries remained the country’s most valued firm. File
| Photo Credit: REUTERS

The combined market valuation of six of the top 10 valued firms jumped ₹70,527.11 crore last week, with Reliance Industries Ltd (RIL) emerging as the biggest gainer.

While Hindustan Unilever Ltd, Bharti Airtel, ITC, ICICI Bank and HDFC Bank were the gainers, Infosys, Tata Consultancy Services (TCS), State Bank of India and Bajaj Finance emerged as the laggards.

Last week, the BSE benchmark climbed 287.11 points or 0.43%.

The market valuation of Reliance Industries rallied ₹22,191.43 crore to ₹15,90,408.31 crore, the most among the top 10 firms.

Hindustan Unilever added ₹17,222.5 crore taking its valuation to ₹6,04,326.62 crore.

The valuation of Bharti Airtel jumped ₹16,953.01 crore to ₹5,36,035.96 crore and that of ITC climbed ₹7,607.26 crore to ₹5,59,071.10 crore.

The market capitalisation (mcap) of ICICI Bank rose ₹4,581.64 crore to ₹6,66,639.07 crore and that of HDFC Bank went up by ₹1,971.27 crore to ₹11,65,135.58 crore.

However, the valuation of Infosys tumbled ₹19,403.04 crore to ₹5,94,252 crore and that of Tata Consultancy Services plunged by ₹18,258.67 crore to ₹13,06,391.11 crore.

The mcap of State Bank of India (SBI) declined ₹16,019.67 crore to ₹5,14,191.52 crore and that of Bajaj Finance diminished by ₹7,137.72 crore to ₹4,87,746.65 crore.

Reliance Industries remained the country’s most valued firm followed by TCS, HDFC Bank, ICICI Bank, Hindustan Unilever, Infosys, ITC, Bharti Airtel, State Bank of India, and Bajaj Finance.

The bull statue at the Bombay Stock Exchange (BSE) building, in Mumbai, on July 13, 2023. Equity benchmark indices extended their rally for the seventh day running on September 11 as investors continued to remain optimistic about the domestic markets.
| Photo Credit: PTI

Equity benchmark indices extended their rally for the seventh day running on September 11 as investors continued to remain optimistic about the domestic markets.

Buying in index majors Reliance Industries and Tata Consultancy Services also added to the winning momentum in equities.

The 30-share BSE Sensex climbed 293.7 points to 66,892.61 in early trade. The Nifty advanced 95 points to 19,914.95.

Among the Sensex firms, HCL Technologies, Maruti, State Bank of India, Tata Consultancy Services, Tata Motors, Wipro, Nestle, Reliance Industries, Larsen & Toubro and UltraTech Cement were the major gainers.

IndusInd Bank and Bharti Airtel were the laggards.

In Asian markets, Shanghai quoted with gains while Seoul, Tokyo and Hong Kong traded lower.

The U.S. markets ended in the positive territory on September 8.

Global oil benchmark Brent crude declined 0.18% to $90.49 a barrel.

The BSE benchmark had jumped 333.35 points or 0.50% to finish at 66,598.91 on September 8. The broader Nifty advanced 92.90 points or 0.47% to settle at 19,819.95.

“The G-20 Delhi declaration and India’s diplomatic triumph can trigger a continuation of the positive market mood and momentum,” said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

In the present favourable market mood, Nifty is likely to make another attempt at a record high trying to conquer the psychological mark of 20,000, Mr. Vijayakumar said adding that however, investors have to be cautious since fundamentals do not support a sustained rise above 20,000.

“The market is ignoring worries arising out of crude at $90 a barrel,” he added.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹224.22 crore on September 8, according to exchange data.

New Delhi:

Reliance Industries on Wednesday announced that Qatar Investment Authority (QIA), through a wholly-owned subsidiary, will invest Rs 8,278 crore into its retail arm Reliance Retail Ventures Limited (RRVL).

“This investment values RRVL at a pre-money equity value of Rs 8.278 lakh crore,” Reliance Industries said in a regulatory filing.

RRVL, through its subsidiaries and associates, operates India’s largest, retail business with an integrated omni-channel network of over 18,500 stores.

“QIA’s investment will translate into a minority equity stake of 0.99 per cent in RRVL on a fully-diluted basis,” it added.

RRVL Director Isha Mukesh Ambani said, “We are delighted to welcome QIA as an investor in Reliance Retail Ventures Ltd. We look forward to benefitting from QIA’s global experience and strong track record of value creation as we further develop Reliance Retail Ventures Limited into a world class institution, driving transformation of the Indian retail sector. The investment by QIA is a strong endorsement of a positive outlook towards Indian economy and Reliance’s retail business model, strategy and execution capabilities.”

Mansoor Ebrahim Al-Mahmoud, CEO, QIA, said, “QIA is committed to supporting innovative companies with high-growth potential in India’s fast growing retail market. We are looking forward to Reliance Retail Ventures Limited, with its strong vision and impressive growth trajectory, joining our growing and diverse portfolio of investments in India.”

RRVL, which is the leading retailer of the country, is aggressively expanding its business here by acquiring companies and getting franchise rights of leading international brands for the Indian market.

Its board had on July 4, 2023, approved a proposal in which shares held by such shareholders shall stand cancelled and extinguished as per the capital reduction plan.

In 2020, RRVL had raised Rs 47,265 crore (around USD 6.4 billion) from global private equity funds for a 10.09 per cent stake, valuing the company at more than Rs 4.2 lakh crore.

This was the largest fundraising exercise in the sector at that time.

The company had raised funds from Silver Lake, KKR, Mubadala, Abu Dhabi Investment Authority, GIC, TPG, General Atlantic and Saudi Arabia’s Public Investment Fund at a valuation of around USD 57 billion at that time.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Jio Financial Services, the demerged financial services unit of Reliance Industries, had a volatile market debut on Monday. Shares of Jio Financial Services hit the lower circuit after slipping 5 per cent to a low of Rs 248.90 apiece. On BSE, the company’s shares were trading 5 percent lower at 251.75 apiece at 1:53 PM.

Jio Financial Services Ltd (JFSL) demerged from Reliance, months after the formal announcement of the move in October last year. 

“Trading members of the exchange are hereby informed that effective from Monday, August 21, 2023, equity shares of Jio Financial Services Ltd (formerly known as Reliance Strategic Investments Limited) shall be listed and admitted to dealings on the exchange in the list of T Group of securities,” BSE said in a notice on Friday.

BSE said that the scrip will be in the trade-for-trade segment for 10 trading days.

As per the demerger norms, the governing body of Jio Financial Services distributed a total of Rs 635.32 crore shares with a nominal value of Rs 10 each to qualified stakeholders of Reliance Industries. Shareholders of Reliance Industries were allocated shares at 1:1 ratio. This implies for each share of Reliance Industries held, as on July 20, every shareholder was granted one share of Jio Financial Services. 

During a one-hour special trading session on July 20, shares of Jio Financial Services traded at Rs 261.85 apiece, which was above the Street estimates. The special trading session was held to ascertain the share price of the demerged financial unit of Reliance Industries.

Reliance Industries demerged its financial services undertaking into RSIL (Reliance Strategic Investments Ltd), which was renamed as JFSL.

Jio Financial Services will be listed on 18 other indices, including the Nifty 100, Nifty 200, and Nifty 500, according to National Stock Exchange.