RIL group raise funds through bonds and CPs worth almost Rs 5,100 crore:
RIL group: It is one of the multinational conglomerate companies in India located in Mumbai. Reliance Industries own businesses in energy, petrochemicals, textiles, natural resources, retail, and telecommunications. However, the company is one of the most profitable companies in India.
Meanwhile, the company on Saturday raised its funds via domestic bonds worth Rs 2,795 crores. The main reason for this is to reduce borrowing liquidity, dealers, etc. Besides, the company also raised almost Rs 8,500 crores on April 17 via domestic bonds in the open market. Whereas, the company on Friday, raised funds by almost Rs 2,325 crores through “commercial paper” (CP), and other market instruments.
However, the bonds sold on Friday offered almost 7.4%, which is 150 bps high compared to government papers. the traders think this is reasonably cheap due to RBI cut borrowing costs due to COVID-19. The company raised funds before March 27 offer at least 100-120 basis points more, dealers said.
Whereas, the company bonds bought by Axis Bank, Yes Bank, ICICI Bank, and SBI Caps in the open market on Friday. On the other side, the amount of Rs 2,325 crore, RIL wipe up Rs 550 crore by offering 5.98% for 11-months maturity. Whereas, Reliance Jio Infocomm sold CPs worth Rs 1,775 crore paying 5.88-6% at a three-month maturity.
On the other side, Facebook invested almost 43,574 crores in the Jio platform by acquiring 9.99% stakes on April 22nd. However, Reliance Industries Limited on Friday reported a bullish trend in the stock market. The company gained 54.90 points with a 4.00% increase and reached 1,425.80 INR. While in BSE, the company gained 45.85 points with a 3.34% increase and reached 1,417.35 INR.
Stock Market April 24:
The early trend of both Sensex and Nifty reported a bearish trend in the stock market on Friday after the bullish trend in the last session. The Sensex is trading below 31,500 level, and Nifty is trading below the 9,200 level in the stock market. The Sensex lost 499.09 points with a 1.57% decrease and reached a 31,363.99 level. While Nifty lost 146.75 points with a 1.58% decrease and reached 9,167.15 level.
On the other side, the number of coronavirus cases in India reached 23,077 as of Friday, April 24, and deaths reached 718.
In the border market, the S&P BSE Smallcap index reported a bearish trend in the stock market on Friday. It lost 163.44 points with a 1.52% decrease and reached a 10,621.60 level. The S&P BSE Midcap index lost 207.27 points with a 1.78% decrease and reached an 11,466.07 level. While Nifty Bank lost 718.70 with a 3.55% decrease and reached 19,608.05 level.
Top Gainers on April 24: Reliance, Britannia, Cipla, Hero Motocorp, and Sun Pharma are the top gainers in the stock market.
Top Losers on April 24: Bharti Infratel, Bajaj Finance, Zee Entertainment, Bajaj Finserv, and IndusInd Bank are the top losers in the stock market.