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RIL Gains Over 2% Ahead Of Q4 Earnings And Saudi Aramco Buy-Out Buzz

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In the morning session on Thursday, the stock of RIL led the Sensex to record highs. Both the benchmark indices with rally in Nifty stocks namely Tata Motors, HDFC, ICICI Bank breached previous record highs hit on April 16. Sensex and Nifty hit a new high in intra-day trade of 39,487.45 and 11,810.95 points respectively.

RIL Gains Over 2% Ahead Of Q4 Earnings And Saudi Aramco Buy-Out Buzz
 

In the noon session, the stock of RIL traded at Rs. 1382.80 with an increase of 2.79% or Rs. 37.50 over its previous day close of Rs. 1345.3.

The petroleum to telecom conglomerate is due to report its earnings for the quarter ended March today.

On April 1, the RIL stock hit a record high of Rs. 1,406.

On Wednesday there were news reports of Saudi Aramco being in talks with the company for acquiring as much as 25% stake in the company's petrochemical and refining units.

Morgan Stanley said the reported deal "highlights its focus on de-risking business, monetising seven years of investment and future-proofing the growth from new disruptive technology - a focus seen since 2017 with the BP partnership, hiving-off telco assets and sale of shipping asset in 2019."

"Near term, however, the path to debt reduction after nearly seven years should help move the stock towards our bull case NAV (net asset value) (Rs1,626/share)," the brokerage added.

As per the poll conducted by the leading business channel CNBC TV18, RIL is expected to report a fall in revenue for the quarter by 4.4% to Rs 1.49 lakh crore from Rs 1.56 lakh crore from the December quarter.

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