NIFTY: Jio Platforms can become the fourth largest company in India on market capitalizationPremkumar Ramachandran (Author) Published Date : May 11, 2020 09:27 IST
11052020 Pre-Open Update:- Jio Platforms can become the fourth largest company in India on market capitalization: General Atlantic is considering investing about $850-950 million in Jio Platforms. Saudi Arabiaâ€™s $320 billion sovereign wealth fund is exploring a potential investment in RelianceJio, the value of investments are yet to be finalized. This is following the three high profile investment in Jio Platform in less than a month.
Vista values Jio Platforms at an equity value of Rs 4.91 lakh crore, Facebook had announced an investment of $5.7 billion for a 9.99 percent stake Silver Lake Partners announced of investing Rs 5,655.75 crore for 1.15 percent stake in Reliance Jio Platforms.
With its valuation, Jio Platforms which is yet to be listed has become the fourth largest company in India in terms of market cap after Reliance Industries, Tata Consultancy Services and HDFC Bank.
FM Nirmala Sitharaman to meet PSU bank chiefs today to review credit flow, "Moody's May cut India's rating to Baa3 from Baa2," it said, adding that Fitch may also change its outlook to negative. S&P and Fitch currently rate India at Baa3. While brokerage firm Nomura has cut its FY2021 GDP forecast for India to -5.2 % from -0.4 %. Amidst the coronavirus pandemic, India is conducting its biggest-ever repatriation exercise named Vande Bharat Mission to bring back stranded Indians from abroad, including US, UAE, UK.
HeroMotoCo says around 10,000 motorcycles and scooters have been sold since the reopening while Hyundai had sent 200 Vehicles. Reliance Industries Fixes May 14 As Record Date For Rights Issue.
ICICI Bank Q4 Profit Rises 26% even as provisions nearly triple. ShreeCements Q4 Profit rose to Rs 535.93 Cr vs Rs 340.05 Cr while revenue fell to Rs 3,415.14 Cr against Rs 3,489.35 Cr. High Delivery Volumes seen in PowerGrid, GMRInfra, Bosch, GodrejCP & HUL. Top gainers for last week are Bayer, Reliance, M&M, Oracle & SBI Life while Top Losers are Titan, AxisBank, VEDL, Havells & Coal India.
SGX Nifty trading at 9350 or 100 points higher than Friday close indicates a higher opening with Nikkei225 & HangSeng also trading >1% Higher than previous closing. Key Results today Godrej Agro, Godrej Properties, Motilal Oswal, Piramal Enterprises, Saint Gobain.
Last week we had Nifty falling 6.17% or 608 points to close at 9251.5 while BankNifty fell over 2181 points or 10.13%. Based on our Proprietary Algorithm, 9363, 9425 & 9478 while Supports are at 9218, 9156 & 9104. BankNifty has vital Supports at 19192, 19021 & 18908 while Resistances are at 19880, 20050 & 20165.. Stocks to watch are Britannia, Colgate, HDFCLife, HUL, BajFinance, BajFinServ, IndusInd & M&M.