RIL gains nearly 3% on reports of Aramco eyeing stake buy in its O2C biz

Shares of Reliance Industries (RIL) were up nearly 3 per cent at Rs 2,202 on the BSE in intra-day trade on Monday on a report that Saudi Aramco is in advanced talks for an all-stock deal to acquire a stake in the company’s oil refining and chemicals (O2C) business. The stock of the Mukesh Ambani-led RIL was trading at its highest level since June 24, 2021. It had hit a record high of Rs 2,368.80 on September 19, 2020.

The Middle Eastern energy firm is discussing the purchase of roughly 20 per cent stake in the Reliance unit for about $20 billion to $25 billion in Aramco’s shares, Bloomberg reported quoting the people with knowledge of the matter. RIL could reach an agreement with Aramco as soon as the coming weeks, the report suggested.

Meanwhile, in the past one week, the stock of RIL has outperformed the market by gaining 5.5 per cent, as compared to a 2.2 per cent rise in the S&P BSE Sensex.

On Friday, RIL announced that Reliance Jio Infocomm (Jio) has concluded the definitive agreement entered with Bharti Airtel for acquisition of right to use spectrum in the 800MHz band in Andhra Pradesh (2 x 3.75 MHz), Delhi (2 x 1.25 MHz) and Mumbai (2 x 2.5 MHz) circles through spectrum trading, which has been taken on record by DoT. READ ABOUT IT HERE

Jio has paid total consideration of Rs 1,183.3 crore (inclusive of taxes) to Bharti Airtel and has assumed deferred payment liability with net present value of Rs 469.3 crore. With this trading of right to use spectrum, RJIL will have 800 MHz band spectrum footprint of 2 x 15MHz in Mumbai circle and 2 x 10 MHz each in Andhra Pradesh and Delhi circles, thereby further enhancing network experience of its customers, the company said.

At 01:14 pm, RIL was trading 2 per cent higher at Rs 2,189.50 on the BSE, against a 0.28 per cent rise in the S&P BSE Sensex. A combined 7.8 million equity shares had changed hands on the counter on the NSE and BSE at the time of writing this report.

Reliance Industries Limited (RIL)