RIL shares upsurged by 12% in the afternoon trade today. This happened after Facebook decided to pick 10% stake in Jio. The stock was up 11.35% at Rs 1,376 on BSE. It hit a high of Rs 1,384.70 during the day.
Reliance Industries announced that Facebook has planned to invest $5.7 billion into Jio Platforms, for a 9.99 per cent stake.
Aamar Deo Singh, Head Advisory, Angel Broking said, “It’s a win-win situation for both the partners. The deal gives Facebook a wider audience with Jio’s 388 million clients while helping Reliance pay its debt as well as leverage the reach of Whatsapp.”
With the current global focus, post COVID-19, being on digital, it opens up huge business opportunities for both of the giants, he added.
Jio Platforms is a digital apps platform, separate from its telecom business by the same name. The investment will value the platform at Rs 4.62 lakh crore.