RIL becomes first Indian company to hit INR10L cr m-cap. Mukesh Ambani in talks to sell media assets to Times Group.
Stop Only At The Summit: Mukesh Ambani-led Reliance Industries has become the first Indian company to hit INR10L cr market capitalisation, making it the most valued Indian firm in terms of m-cap.
Only last week, RIL had became the first Indian firm to cross a m-cap of INR9.5L cr.
Fun Fact: Interestingly, the oil-to-telecom-retail conglomerate took only 25 sessions to rise to INR10L cr in m-cap from INR9L cr. Whereas, it had taken 285 sessions to escalate from INR8L cr to INR9L cr.
Meanwhile, RIL share price has risen 39% in the last 1 year and 40% just in 2019. The stock has been on a high since RIL and Saudi Aramco signed a non-binding letter of intent in August this year under which Saudi Aramco will buy a 20% stake in RIL's oil-to-chemical business at an enterprise value of $75bn. Adding to this was the recent tariff increase announcement by Reliance Jio. Besides these, some other factors that greatly contributed to RIL's rise were a rise in gross refining margins, strong finances of consumer businesses, the launch of the home broadband business and lower capital expenditure intensity. CNBC TV18
In Other News: Mukesh Ambani is in talks to sell his news media assets to Times Group, as he plans to unload a business that’s been losing money, quoted sources.
Bennett Coleman & Co., the publisher of the Times of India, is looking to hire advisers for due diligence on the news properties of Ambani’s Network18 Media & Investments Ltd.
The news comes as Ambani is pursuing talks to sell a stake in Network18’s entertainment division that encompasses various movie, music and comedy channels to Sony Corp.
Network18, acquired by Reliance Industries in 2014, owns and operates 56 local channels spanning news and entertainment. News properties include MoneyControl, News18, CNBCTV18.com, CricketNext and Firstpost.
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