Reliance Industries Short Term Target
India’s big company in terms of market cap Reliance Industries is once again on a fund mobilization spree and this time Reliance Retail is the cynosure of the global firms. Reliance Retail Ltd, a subsidiary of RRVL, operates India’s largest, fastest-growing, and most profitable retail business spanning supermarkets, consumer electronics chain stores, cash and carry wholesale business, fast-fashion outlets, and online grocery store JioMart.
US private equity firm Silver Lake has made two investments totalling Rs 9,375 crore for a 2.13 per cent stake in Reliance Retail, while General Atlantic has picked up a 0.84 percent stake for Rs 3,675 crore, and KKR put in Rs 5,550 crore for a 1.28 per cent stake. Abu Dhabi-based sovereign wealth fund Mubadala Investment Co invested Rs 6,247.5 crore for a 1.4 percent stake. While Singapore sovereign wealth fund GIC and global private equity firm TPG Capital have made investments worth Rs 7,350 crore with this Reliance Industries has sold a 7.28 per cent stake in the retail unit since September 9 for a total of Rs 32,297.50 crore.
Reliance Industries share price which was trading in the red on 05/10/2020@12:48pm has a major resistance at around 2265 if it crosses this range and sustains we can expect targets of 2350.
