Reliance Industries shares hit 52-week high after Abu Dhabi's Mubadala deal

News Network
June 5, 2020

New Delhi, Jun 5: Shares of Reliance Industries on Friday gained over 2 per cent to hit their one-year high level after the company announced sale of 1.85 per cent stake in its digital unit, Jio Platforms, to Abu Dhabi-based sovereign investor Mubadala.

On BSE, the heavyweight stock jumped 2.38 per cent to Rs 1,617.70 -- its 52-week high.

It surged 2.41 per cent to its one-year high of Rs 1,618 on NSE.

Earlier in the day, Reliance Industries announced the sale of 1.85 per cent stake in its digital unit to Mubadala for Rs 9,093.60 crore, the sixth deal in as many weeks that will inject a combined Rs 87,655.35 crore in the oil-to-telecom conglomerate to help it pare debt.

"Mubadala Investment Company (Mubadala) will invest Rs 9,093.60 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore," the company said in a statement.

With this investment, Jio Platforms has raised Rs 87,655.35 crore from leading global technology and growth investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR and Mubadala in less than six weeks.

Jio Platforms, a wholly-owned subsidiary of Reliance Industries Ltd, is a next-generation technology company.

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News Network
January 1,2020

New Delhi, Jan 1: Prevention of Money Laundering Act (PMLA) court in Mumbai has allowed banks that lent money to embattled liquor tycoon Vijay Mallya to utilize seized assets, news agency reported today quoting sources from the Enforcement Directorate (ED). The court also said all parties affected by the order can appeal at the Bombay High Court till January 18.

Last month, a consortium of Indian banks petitioned a London court for ex-billionaire Vijay Mallya to be declared bankrupt over ₹9,000 crore in unpaid debts. It comes as Mallya, who founded the now defunct Kingfisher Airlines Ltd, faces extradition to his home country of India.

Mallya had fled India in March 2016 and has been living in the United Kingdom since then. The 64-year-old former Kingfisher Airlines is fighting extradition to India in relation of fraud and money laundering allegations arising out of the debt acquired from the banks.

Mallya remains on bail pending the UK High Court appeal hearing in the extradition proceedings brought by India in relation to fraud and money laundering charges amounting to ₹9,000 crores. He had been arrested on an extradition warrant back in April 2017 and has been fighting his extradition in the UK courts since then.

He was granted permission to appeal against his extradition order, which is scheduled in the Royal Courts of Justice in London for February.

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Agencies
July 28,2020

New Delhi, Jul 28: India on Wednesday reported 47,704 more COVID-19 cases in the last 24 hours, taking the country's count of coronavirus cases to 14,83,157, informed the Union Ministry of Health and Family Welfare.

Out of the total cases, there are 4,96,988 active cases in the country while the number of patients cured/discharged and migrated stands at 9,52,744.

With 654 deaths due to COVID-19 in the country reported in the last 24 hours, the death toll rises to 33,425.

The recovery rate among COVID-19 patients has increased to 64.23 per cent. The recoveries to deaths ratio is 96.6 per cent:3.4 per cent, informed the Centre.

As per the data provided by the Ministry, Maharashtra continues to be the worst-affected state from the infection with 1,48,905 active cases and 13,656 deaths due to COVID-19. Tamil Nadu has a total of 53,703 active cases and 3,494 deaths.

Delhi has a total of 11,904 active cases and 3,827 deaths.

The Health Ministry further informed that more than 5 lakh COVID-19 tests were conducted in a single day over two consecutive days. On 26th July, India tested a total of 5,15,000 samples and on 27th July, a total of 5,28,000 samples were tested.

The total number of COVID-19 samples tested up to July 27 is 1,73,34,885 including 5,28,082 samples tested yesterday, said the Indian Council of Medical Research (ICMR).

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Agencies
August 3,2020

New Delhi, Aug 3: Congress leader and Rajya Sabha MP Digvijaya Singh on Monday said that Prime Minister Narendra Modi should defer the foundation stone laying ceremony for Ram temple from August 5 as it will be an "inauspicious hour" for the event.

"I request Modi Ji again that the inauspicious occasion of August 5 (for foundation stone laying ceremony for Ram temple) should be deferred. The construction of Ram temple is to begin after hundreds of years of struggle and PM Modi should leave his stubbornness that may cause an obstruction in the process," Digvijaya tweeted (translated from Hindi).

The Congress leader went on to claim that several BJP leaders were falling sick due to COVID-19 as the result of ignoring the norms of Sanatan Dharma. "The results of ignoring the norms of Sanatan Dharma are - all priests of Ram temple tested positive for COVID-19, death of UP Minister Kamal Rani Varun due to corona, UP BJP chief tested COVID-19 positive, Home Minister Amit Shah tested positive for COVID-19, Madhya Pradesh CM Shivraj Singh Chouhan tested positive for COVID-19, Karnataka CM Yediyurappa tested positive for COVID-19," he added.

"Lord Ram is the epicentre of faith for crores of Hindus and the PM should not play with norms and traditions of Sanatan Dharma established across thousands of years," he added.

The Congress leader further questioned the urgency of holding the foundation stone laying event in times when COVID-19 spread is prevalent across the country.

"By laying the foundation stone for Ram temple at an inauspicious hour, how many people do you want to send to the hospital Modi Ji? Yogi Ji, please explain to Modi Ji. In your presence, why are the norms and traditions of Sanatan Dharma being broken? What is your compulsion that you are allowing this to happen?" he contended.

"One more question arises. A minister of the Uttar Pradesh government died due to coronavirus. Union Home Minister tested positive for COVID-19 and Uttar Pradesh BJP chief also tested positive. In these circumstances, whether Uttar Pradesh Chief Minister and India's Prime Minister should not be quarantined? Is being quarantined only mandated for common people? Not for Prime Minister and Chief Ministers? The time limit for quarantine is 14 days," he added.

He further said that the entire cabinet should go into quarantine otherwise they will infect the residents of Ayodhya.

"These people's religion is 'Hindutva' and not 'Sanatan Dharma'. hence they have nothing to do with Sanatan Dharma's traditions. They have broken all the norms. Now, Modi Ji will issue the muhurta and he will only lay the foundation stone," he tweeted.

The Prime Minister is scheduled to lay the foundation stone of the Ram temple in Ayodhya on August 5.

The construction of Ram temple will begin after the ceremony to lay the foundation stone in which Chief Ministers of several states, Ministers from the Union Cabinet and RSS chief Mohan Bhagwat are also likely to participate.

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