The shares of Reliance Industries (RIL) opened at Rs 2,491.65 in the early trade session on Tuesday, up by 3.85 points, against its previous close at Rs 2,487 per piece.
RIL shares fell over by 2% in Monday’s trade as it reported lower-than-estimated June quarter earnings on Friday.
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The conglomerate on Friday reported a year-on-year (YoY) drop of 11% in the consolidated net profit for the quarter ended June 2023 to Rs 16,011 crore. Consolidated revenue declined 5.3% YoY to Rs 2.11 lakh crore.
The shares of RIL were trading at Rs 2,493 per piece, up by 0.26%, at the time of writing this article at 1:55 pm IST in Tuesday’s session.
Post earnings call, Goldman Sachs recommended a 'Buy' while Nuvama also took a 'Buy' view. Kotak Institutional Equities, however, downgraded it to 'Add'.
The company also announced on Monday that it has entered into an agreement to invest alongside Brookfield Infrastructure and Digital Realty in their Indian platform set up for developing data centers across the country.
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With this new agreement, RIL will become owner of 33.33% stake and equal partner in the existing joint venture between Brookfield Infrastructure and Digital Realty known as BAM Digital Realty.
The joint venture will now be branded as ‘Digital Connexion: A Brookfield, Jio and Digital Realty Company’, the companies said in a regulatory filing. RIL will be investing Rs 378 crore in five Indian wholly-owned subsidiaries of Mercury Holdings SG, a joint venture between Brookfield Infrastructure and Digital Realty.
“We are pleased to expand our existing partnership with Reliance and add their deep expertise in the Indian telecom, tech, and data landscape to the platform. Data Centers provide essential services and critical infrastructure to support the digitalization that is taking place in every aspect of life in India,” said Arpit Agrawal, MD, Head of Infrastructure, India & Middle East, Brookfield.