Four years ago, disbelief rippled through the audience at Reliance’s annual general meeting when Mukesh Ambani said he was launching 4G Volte smartphones under Reliance’s own brand name Lyf at an unbeatable price of Rs 2,999 when the average 4G smartphone at that time cost Rs 4000.

On Tuesday, during the company’s first pandemic-forced virtual annual general meeting, Ambani outlined another vision to disrupt the mobile device market again.

After Facebook Inc, Reliance Industries has closed deals to sell a minority stake in its digital arm to four other investors, receiving a total of over Rs 30,062 crore.

In a regulatory filing, Reliance said it has closed the sale of 6.13 per cent stake in Jio Platforms with L Catterton, The Public Investment Fund, Silver Lake and General Atlantic.

Asset monetisation in Jio Platforms along with the $7 billion rights issue should reduce Reliance Industries Limited's (RIL) net debt by more than half, according to a report by Morgan Stanley.

It said that multiple catalysts are in play with faster than expected deleveraging, improving demand and margin outlook on refining and chemicals, top quartile earnings CAGR of 23 per cent over F20-23, and digitisation, supporting multiples.

Reliance Industries (RIL) on Monday said it will hold a virtual annual general meeting (AGM) on July 15. In a statement to the BSE, the company said it will hold its 43rd AGM through videoconferencing or other audio-visual means , in accordance with the relevant circulars issued by the Ministry of Corporate Affairs and the Securities and Exchange Board of India.

Reliance Industries is net debt-free after raising a record Rs 1.69 lakh crore from global investors and a rights issue in almost two months, said group chairman Mukesh Ambani in a statement on Friday.

The statement came after Reliance said on Thursday Saudi Arabia’s Public Investment Fund will buy a 2.32 per cent stake in its digital unit Jio Platforms for Rs 11,367 crore.

Reliance Industries Ltd, operator of the world's biggest refining complex, has bought 2 million barrels of additional Saudi oil in a very large crude carrier for loading in April, trade sources said on Thursday.

No immediate comment was available from Reliance.

State-run Saudi Aramco, the world's top oil exporter, has slashed its selling price for April and announced plans to raise output to a record 12.3 million barrels per day (bpd).

Reliance Industries (RIL), the oil-to-telecom behemoth, surged around 6 per cent to Rs 1,178.40 apiece on the BSE on Wednesday after global brokerage firm Macquarie upgraded the stock to 'Neutral'. Moreover, oil prices continued to rise for the second straight day, lifted by hopes that US producers will cut output.

RIL had hit a 52-week low of Rs 1,094.95 on Monday (March 9) owing to crash in crude oil prices after Saudi Arabia and Russia triggered a price war.

Media stocks such as Hathway Cable & Datacom Limited, TV18 Broadcast, DEN Networks were trading higher in the opening trade on BSE after the Mukesh Ambani’s owned RIL announced a consolidation of its media and distribution businesses spread across multiple entities into Network18. Hathway Cable & Datacom shares hit an upper circuit of 20% to Rs 23.10 apiece on BSE. Among other stocks, DEN Networks shares climbed 10 per cent to Rs 59.50, Network18 Media & Investments surged 4.89 per cent to Rs 30.05 and TV18 Broadcast shares jumped 19.68 per cent to Rs 30.10 apiece. While RIL shares were trading 0.72 per cent lower at 1467.80 apiece.

Reliance Industries, India's largest petchem player, is launching a project to use plastics in road construction, amid growing concerns over pollution in the country of 1.3 billion whose major cities are often plagued with smog and litter.

India, which uses about 14 million tonnes of plastic annually, lacks an organized system for management of plastic waste, leading to widespread littering.

Shares of Reliance Industries (RIL) slipped 2 per cent to Rs 1,546 on the BSE on Monday despite the company logging its highest-ever quarterly consolidated net profit of Rs 11,640 crore for the quarter ended December 31, 2019 (Q3FY20).

The stock has fallen 4 per cent from its early morning high of Rs 1,610 on profit-booking. During the past four months, RIL has outperformed the market by surging 32 per cent, as compared to a 15 per cent rise in the S&P BSE Sensex till Friday. It touched an all-time high of Rs 1,618 on December 20, 2019.

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