Over the past two weeks, shares of
Industries have soared around 14%, while India’s largest company has jumped around 20% in 2022 so far.
According to some media, the Ambani-led company is likely to invest in ed-tech startup Lido Learning despite the mass layoff of 1,200 employees.
Reliance Brands (RBL), the retail brand licensing arm of Reliance Industries, is also set to acquire a 40% stake in India-based Plastic Legno’s toy manufacturing business – Dream Plast – for a undisclosed amount.
Addiction has been on a fundraising and acquisition frenzy, with money infused into organizations such as Hamleys, Clovia, MilkBasket, Urban Ladder, Haptik, and more. these last months.
Investors are betting high on the billionaire’s plans for the retail and telecommunications sector as the company plans to acquire other small and medium-sized businesses and consumer goods brands across the country.
During the March 2022 quarter, Reliance reported a 22.50% year-on-year (YoY) increase in consolidated net profit to Rs 16,203 crore from Rs 13,227 crore in the same quarter last year .
Operating revenue rose 36.79 percent year-on-year to Rs 211,887 crore from Rs 154,896 crore in the corresponding quarter last year. The company’s board has recommended a dividend of Rs 8 per share.
After the earnings, the brokerage firm
Securities maintained its rating to “add” the counter with a target price of Rs 2,825. ICICIDirect has a buy rating over the counter with a target price of Rs 3,050.
