Reliance Industries reported its numbers wherein its Q4FY20 net revenue was down 2.3% YoY at Rs. 1,39,283 cr. However, its profit de-grew by 39% to Rs. 6,348 cr due to an exceptional loss during the quarter. The company announced the largest rights issue of Rs. 53,125 cr to its shareholder. The issue will be at a ratio of 1:15 and price of Rs. 1,257. The company also announced a dividend of Rs. 6.5 per share.
View: The results were definitely impacted owing to the lockdown. However, with company’s plan to scale down its debt through recent Facebook-Jio deal and now the rights issue is a positive sign. We maintain our positive view on the stock and one can accumulate the stock in a gradual manner. Further, existing shareholders can also subscribe to the rights issue.
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