The share price of Reliance Industries (RIL) jumped over 20 percent and is the top index gainer pushing the stock market higher after media reports indicated that Facebook may pick up stake in Jio.
The social media giant Facebook Inc is in talks to buy a 10 percent stake in billionaire Mukesh Ambani’s telecom and internet services venture Reliance Jio, said a Financial Times report on March 24.
The discussions have currently been paused due to travel restrictions across the globe in light of the COVID-19 pandemic, it said.
Moneycontrol could not independently verify the news.
Reliance Industries Limited (RIL) on March 23 said it is taking a steadfast approach to combat the coronavirus outbreak in the country.
“RIL has deployed the combined strengths of Reliance Foundation, Reliance Retail, Jio, Reliance Life Sciences, Reliance Industries, and all the 6,00,000 members of the Reliance Family on this action plan against COVID-19,” the company said in a statement.
Reliance Jio, has introduced the #CoronaHaaregaIndiaJeetega initiative aimed at enabling Indians “to stay safe while staying connected and productive, allowing for remote working, remote learning, remote engagement, and remote care”.
The stock witnessed a spurt in volume by more than 65.62 times on March 25 and was trading with volumes of 116,519,741 shares, compared to its five day average of 1,324,785 shares, an increase of 8,695.37 percent.
In a separate development, Morgan Stanley retained its bullish bias on the stock, citing likely benefit from lower oil prices and Supreme Court’s decision on AGR dues. “The lower oil prices have led petrochemical margins to expand and refining margin has been stable despite demand challenges,” said the brokerage.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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News Source:- Moneycontrol