Saudi, American companies ready to buy stakes in Jio Platform

Saudi, American companies ready to buy stakes in Jio Platform Saudi: Jio is one of the subsidiary companies to Reliance Industries in India located in Mumbai. The company provides services in the telecommunication sector. However, the company operates a national LTE network with coverage of almost 22 telecom circles.  The... The post Saudi, American companies ready to buy stakes in Jio Platform appeared first on stockinvestor.in.

Saudi, American companies ready to buy stakes in Jio Platform

Saudi, American companies ready to buy stakes in Jio Platform

Saudi: Jio is one of the subsidiary companies to Reliance Industries in India located in Mumbai. The company provides services in the telecommunication sector. However, the company operates a national LTE network with coverage of almost 22 telecom circles.  The company owned and led by Mukesh Ambani.

As per the reports, two more companies from Saudi and American ready to invest in Jio digital platform after Facebook, Silver Lake, and Vista earlier this month. Whereas, the companies are eyeing to buy a share in Jio company by almost $65 billion as per the reports.

Besides, the US private equity company General Atlantic is ready to invest almost $850 million to $950 million in Reliance Industries. The deal will be going to complete this month. Saudi Arabia’s Public Investment Fund (PIF) and US General Atlantic decided to buy the stakes in the Digital company Reliance Jio.

On the other side, Reliance Industries Pvt Ltd announced a $1.5 billion stakes sale in Jio to Vista Equity Partners. The Vista firm bought almost 2.32% stakes in the company with Rs 11,367 crores. Whereas, the Silver Lake company invested almost Rs 5,655.75 crores in Jio after Facebook. 

Meanwhile, the Jio reported its Q4 results for the financial year 2020 on Friday. The company posted its consolidated net profit of Rs 2,331 crores in the quarter ended in March. Whereas, the company also posted its consolidated net profit of Rs 840 crores in the same quarter last year. However, the companies profit rose by almost 73% compared to the previous year. 

Whereas, the profits of the company helped to pay adjusted gross revenue (AGR) dues of Rs 31 crores. The company continues its profitable quarter in a row.

Besides, the company reported its total revenue from operation stood at Rs 14,835 crores in this quarter ended on March 31st. Whereas, the company also posted its revenue of Rs 11,715 crores in the same quarter last financial year. The telecom company has almost 17.5 million customers at the end of the quarter.

“Jio continuing its growth and now it will give us a path-defining partnership with one of the world’s largest digital companies like  . The companies focus will be India’s 60 million micros, small and medium businesses, 120 million farmers, 30 million small merchants and millions of small and medium enterprises in the informal sector,” Mukesh Ambani, chairman of RIL

On Friday, May 8th, the shares of RIL Industries Ltd reported a bullish trend in the stock market. The company gained 52.50 points with a 3.48% increase and reached 1,559.45 INR. While in BSE, the company gained 54.55 points with a 3.62% increase and reached 1,561.80 INR.

Stock Market on May 8th:

On Friday, both Sensex and Nifty reported a bullish trend in the stock market after bearish reports in the last two sessions. The Sensex is trading above 31,600 level, and Nifty is trading above the 9,200 level in the stock market. The Sensex gained 199.32 points with a 0.63% increase and reached a 31,642.70 level. While Nifty gained 52.45 points with a 0.57% increase and reached 9,251.50 level.

On the other side, the number of coronavirus cases in India reached 59,662 as of Saturday, May 9th, and deaths reached 1,981.

In the border market, the S&P BSE Smallcap index reported a bearish trend in the stock market on Friday. It lost 48.05 points with a 0.45% decrease and reached a 10,638.70. The S&P BSE Midcap index gained 4.13 points with a 0.036% increase and reached an 11,423.81 level. While Nifty Bank lost 138.90 with a 0.71% decrease and reached 19,352.90  level.

Top Gainers on May 8th: HUL, Nestle, Tech Mahindra, Dr. Reddy’s Labs, and Sun Pharma are the top gainers in the stock market. 

Top Losers on May 8th: Axis Bank, NTPC, M&M, Indusind Bank, and SBI are the top losers in the stock market.

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Brokerages Bullish on HCL Tech after Q4 results

Brokerages Bullish on HCL Tech after Q4 results Brokerages Bullish on HCL: Many brokerages maintained a bullish view of HCL Technologies as consolidated net income beats the forecasts of the organization on the markets in the March quarter.  The Company posted a net income of Rs 3,154 crore, up 22.8%... The post Brokerages Bullish on HCL Tech after Q4 results appeared first on stockinvestor.in.

Brokerages Bullish on HCL Tech after Q4 results

Brokerages Bullish on HCL Tech after Q4 results

Brokerages Bullish on HCL:

Many brokerages maintained a bullish view of HCL Technologies as consolidated net income beats the forecasts of the organization on the markets in the March quarter. 

The Company posted a net income of Rs 3,154 crore, up 22.8% from year-on-year level, and consecutively up 3.8%. 

“HCLT’s strong growth in sales 0.8% quarterly and 13.5% Year-on-Year. An increased EBIT margin, leading to sequential absolute cost decreases, “Kotak Institutional said, rising profit estimates by 6-8% and target price up to Rs 570. 

HCLT happy with the performance, expansion of digital competence, and flow of big and medium deal win, “Kotak said. 

The update of Jefferies target price from Rs 480 from Rs 510 and Morgan Stanley increased the target price from Rs 460 from Rs 480. The target price of Nomura boosted from Rs 570 to Rs 590. At the same time, few brokerages have cut target rates following the result.

Meanwhile, Haitong Securities lowered its FY22 revenue forecast of Rs 660 by 13.9-17% to a low demand environment, which reduced the target price to Rs 600. Macquarie’s forecasts reduced by 13–16% and target prices reduced by 13% to Rs 633.

HCLT entered the FY21 with a good order book, though the environment of short-term demand remains challenging. 

Stock Market on May 8th:

On the fifth day of the week, the  traded with the bullish trend. The Sensex traded with a gain of 199.32 points reached 31,642.70 level with 0.63% up. Whereas, Nifty traded with a gain of 52.45 points reached 9,251.50 level with 0.57% up.

In the border market, the S&P BSE Midcap traded with a gain of 4.13 points reached 11,423.81 with 0.036% up. Whereas, S&P BSE SmallCap traded with a loss of 48.05 points reached 10,638.70 with 0.45% down. At the same time, Nifty bank traded with a loss of 138.90 points reached 19,352.90 with 0.71% down.

Top Gainers: Hindustan Unilever, Sun Pharmaceutical Industries, Dr.Reddy’s Laboratories, Tech Mahindra, and Nestle India Limited.

Top Losers: NTPC, Mahindra & Mahindra, Axis Bank, Indusind Bank, and JSW Steel Limited.

The post Brokerages Bullish on HCL Tech after Q4 results appeared first on stockinvestor.in.

Source : Stockinvestor More   

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