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RIL net debt to dip with rights issue, Jio stake sale: Morgan Stanley
Posted on 3rd July 2020
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 announced today an investment of $252 million by Intel Capital for a 0.39 per cent stake in Jio Platforms.

This investment values Jio Platforms at $68.8 billion,along similar lines as the recently announced stake sale.

Intel Capital is the investment arm of Intel corporation. Since 1991, Intel Capital has invested $12.9 billion in more than 1,582 companies worldwide. RIL highlighted that it plans to work with Intel on new technologies.

To date, RIL has sold 25.1 per cent of Jio Platforms, which equates to raising $15.7 billion at current exchange rates. "We believe asset monetization in Jio Platforms along with the $7 billion rights issue should reduce RIL's net debt by more than half," Morgan Stanley said in the report.

Reliance Industries Limited (RIL) and Jio Platforms Limited on Friday announced that Intel Capital will invest Rs 1,894.50 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 trillion.

Intel Capital's investment will translate into a 0.39 per cent equity stake in Jio Platforms on a fully diluted basis.

Intel Capital joins the list of marquee firms who have recently invested in Jio Platforms, taking the total investment amount to Rs 1.17 trillion.
Related Companies: Reliance Industries Limited (RIL)   

Other Latest News
Noida gets 400-bed Covid-19 hospital, CM Yogi Adityanath reviews facilities
Posted on 8th August 2020
Uttar Pradesh Chief Minister Yogi Adityanath on Saturday inaugurated a dedicated 400-bed government hospital for COVID-19 patients in Noida.

The facility is located in Sector 39 of the city and has come up in association with the Tata Trusts and the Bill and Melinda Gates Foundation, according to officials.

Gold price today at Rs 56,050 per 10 g; silver at record Rs 76,510 a kg
Posted on 8th August 2020
Gold prices today jumped to Rs 56,050 from Rs 55,350 per 10 gram, while silver climbed to Rs 76,510 from Rs 73,500 per kg, according to Good Returns website.

Gold jewellery prices vary across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making charges.

US election: China would love to have me lose to 'sleepy' Biden, says Trump
Posted on 8th August 2020
US President Donald Trump on Friday (local time) said that China would love to have an election if he lost to his sleepy Democrat presidential candidate Joe Biden.

China would love for us to have an election where Donald Trump lost to sleepy Joe Biden. They would dream (that) they would own our country. If Joe Biden was president, China would rule our country, he told reporters here.

Facebook builds 600 affordable homes to address housing crisis in US
Posted on 8th August 2020
Facebook has produced and preserved approximately 600 affordable homes near its headquarters in Menlo Park, California, of which roughly 70 per cent are reserved for extremely low and very low-income residents.

The company said it is on track to creating approximately 750 affordable homes by 2022.

Amazon, Flipkart set to witness business worth $600 mn during sale events
Posted on 8th August 2020
E-commerce companies Amazon and Flipkart are expecting to witness a total business of about $600 million during their ongoing sale events. This is at least 25 per cent higher in terms of sales compared to the business these firms would have generated for such small scale events during pre-Covid times, according to the industry insiders and analysts. They are also witnessing an increase in volumes (number of orders) which is 40 per cent higher than the normal times. Walmart-owned Flipkart is running the 5-day ‘Big Saving Days’ sale till Monday, coinciding with Amazon's 48-hour Prime Day sale which ended on Friday night.

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