BOM:500325

Market Chatter: Reliance Industries May Offer Only Fresh Shares in Jio IPO to Limit Capital Outflows

Reliance Industries (NSE:RELIANCE, BOM:500325) plans to offer only fresh shares in the proposed initial public offering of Jio Platforms, without stake sales by existing investors, Bloomberg reported Monday, citing people familiar with the matter.Jio Platforms could raise up to $4 billion through the offering, the people told Bloomberg. This would make it India's largest-ever IPO, surpassing Hyundai Motor India's $3.3 billion listing, the report noted.The company aims to file draft papers for IPO this month, the report said. Market volatility due to the Iran war has already delayed timelines, it added.A fresh issue structure would help reduce overseas capital outflows at a time when foreign investors continue to pull money from Indian equities, Bloomberg noted.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Jefferies Adjusts Reliance Industries' Price Target to INR1,695 from INR1,755, Keeps at Buy

Nomura Adjusts Reliance Industries' Price Target to INR1,640 from INR1,700, Keeps at Buy

Reliance Industries' Consolidated Profit Declines in Fiscal Q4

Reliance Industries's (NSE:RELIANCE, BOM:500325) consolidated attributable net profit declined to 169.7 billion Indian rupees in the fiscal fourth quarter ended March 31, from 194.1 billion rupees a year ago.The Indian conglomerate's earnings per share contracted to 12.54 rupees from 14.34 rupees a year earlier, according to a Friday filing to the Indian stock exchanges. The EPS was lower than the 14.77 rupees estimated by the analysts polled by Visible Alpha.Revenue from operations in fiscal Q4, however, rose to 2.986 trillion rupees from 2.646 trillion rupees a year ago. This was higher than Visible Alpha's estimate of 2.588 trillion rupees.The company's board recommended a dividend of 6 rupees per equity share of 10 rupees each for the financial year ended March 31.

Magenta Lifecare Bags Mattresses Supply Order from Reliance Industries; Shares Down 5%

Mattresses and pillows manufacturer Magenta Lifecare (BOM:544188) has secured an order of an undisclosed amount for 6,000 mattresses from Reliance Industries (NSE:RELIANCE, BOM:500325), according to a BSE filing on Friday.The company's shares were down nearly 5% in recent trade.