Google to buy a 7.73% stake worth Rs. 33,737.00 crores in Jio Platforms: Mukesh Ambani

Google to buy a 7.73% stake worth Rs. 33,737.00 crores in Jio Platforms: Mukesh Ambani

Google to buy a 7.73% stake worth Rs. 33,737.00 crores in Jio Platforms: Mukesh Ambani

Google: On Wednesday, July 15th, the Reliance Industries held its 43rd annual general meeting (AGM). In the meeting, the company Chairman and Managing Director Mukesh Ambani announced a big-bang announcement about Google’s investment in the Jio Platform. He also said, the company will design and develop its own 5G solutions from scratch.

Besides, the search engine giant Google decided to invest Rs. 33,737.00 crores with almost 7.73% stakes in the Jio Digital Platform. The investment details are announced by Mr. Mukesh Ambani at the company’s annual general meeting on Wednesday. 

Whereas, the Reliance Industry raised funds of Rs. 1,18,318.45 crores from Facebook, Silver Lake, Vista Equity, General Atlantic, KKR firm, Mubadala, ADIA, TPG, L Catterton, Intel, Qualcomm, and PIF. All these companies hold almost 25.24% stakes in the Jio Digital Platform. 

On the other side, Mukesh Ambani also said, the company expects to add almost 500 million subscribers over the next 3 years. He also mentioned his new initiatives for the upcoming months such as Jio Glass, Jio Tv+, Healthcare, and Online Education App. The company also decided to enter into the e-commerce business.

Some of the Highlights in his speech is as follows: Google to buy almost 7.73% stakes in Jio Platforms. Jio will design and develop 5G solutions. Jio will launch 5G in India next year. Jio introduces Online Education, Healthcare App. Jio to unite producers, customers, kiranas via Jio Mart. Reliance launched its Jio Glass and Jio to develop entry-level 4G/5G phones with Google.

However, the shares of Reliance Industries reported a bearish trend in the stock market. The company lost 74.65 points with a 3.89% decrease and reached 1,842.35 INR. While in BSE, the company lost 71.05 points with a 3.71% decrease and reached 1,845.60 INR.

Stock Market July 15th:

On Wednesday, both Sensex and Nifty reported a bullish trend in the stock market after bearish reports in the last session. The Sensex is trading above 36,000 levels and Nifty is trading above 10,600 levels in the stock market. The Sensex gained 18.75 points with a 0.052% increase and reached a 36,051.81 level. While Nifty gained 10.85 points with a 0.10% increase and reached 10,618.20 level.

On the other side, the number of coronavirus cases in India reached 9,36,181 as of Wednesday, July 15th, and deaths reached 24,309.

In the border market, the S&P BSE Small-cap reported a bearish trend in the stock market on Wednesday. It lost 6.24 points with a 0.049% decrease and reached a 12,658.94 level. The S&P BSE Mid-cap lost 46.27 points with a 0.35% decrease and reached a 13,230.33 level. While Nifty Bank lost 51.45 points with a 0.24% decrease and reached 21,340.75 level.

Top Gainers on July 15th: Wipro, Infosys, HCL Technologies, Tech Mahindra, and TCS are the top gainers in today’s stock market.

Top Losers on July 15th: Bharti Airtel, Reliance Industries, Zee Entertainment, Bharti Airtel, and GAIL India are the top losers in today’s stock market. 

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