Facebook Invests $5.7 Billion In Reliance Jio
Reliance Industries share took a high jump when the social media giant Facebook announced buying a minority stake in Reliance Jio. It would invest $5.7 billion (Rs. 43,574 crore) in the Mukesh Ambani owned telco firm. With the investment, Facebook will become the largest minority shareholder in Jio Platforms Limited.
Highlights of the share market news
• Reliance Industries witnessed a jump of 103 points (8.33%) from Rs. 1,236 to Rs. 1,339
• Sensex traded 131 points higher at 30,758
• Reliance Industries share was also a top gainer on Nifty
• On NSE, its share gained over 8% to Rs. 1,339
• Total 4.11 lack shares were traded on BSE
• The trading value of shares was Rs. 55.72 crore
• After trading, the market cap of the firm increased to Rs. 8.23 lack crore on NSE
Stock of Reliance Industries Limited
The 5, 20 and 50 day moving average of RIL stock was higher after the trading but lower than the 100 and 200-day mowwving averages. Also, RIL reported a gain of 13.57% in one week and 28.03% in one month. On BSE, the share opened with a gain of 6.79% at Rs. 1,320.
Facebook’s investment in RIL
Jio said in a statement that Facebook’s investment will translate to a 9.99% equity stakes in Jio Platforms on a fully diluted basis. Facebook said that it wanted to collaborating WhatsApp with e-commerce venture of Reliance. Facebook wants to enable people to connect with small businesses on JioMart.