RIL Shares Gain 4% After Ambani Family Raise Stakes

On Friday, shares of Reliance Industries Limited rose by over 4 percent to an intraday high of Rs 957.75 apiece on NSE reportedly due to an increase in stake by family members of chairman Mukesh Ambani.

According to a PTI report, Ambani, his wife and three children have marginally raised their personal holdings in the oil-to-telecom conglomerate.

Mukesh Ambani has raised his holding from 72.31 lakh shares (0.11 percent stake) to 75 lakh shares (0.12 percent stake).

His wife Nita Ambani, raised shareholding to 75 lakh from 67.96 lakh, while twins Akash and Isha have raised their holdings by about 67.2 lakh shares to 75 lakh, PTI reported.

Devarshi Commercials LLP, a promoter group company, reduced its shareholding by selling its shares to Ambani family and other promoter group firms, Tattvam Enterprises LLP and Samarjit Enterprises LLP.

Post the transaction, Devarshi Commercials LLP holds 8.01 percent stake, down from 11.21 percent.

In a regulatory filing, the company said that post the transaction, the overall promoter group shareholding in RIL remains unchanged at 47.45 percent.

Shares of RIL have fallen over 35 percent to date in 2020 amid the market sell-off from the coronavirus pandemic and nervousness around postponement of the company's deal with Aramco.

However, most brokerages have maintained their 'buy' rating on the stock. Nomura recently reiterated a buy rating on RIL but cut the target price to Rs 1,770, from Rs 2,020. The brokerage said that though it is more cautious on energy earnings and debt reduction efforts, a sharp correction makes RIL a compelling buy.