Reliance Retail Venture s open offer for Just Dial shareholders to begin on Sept 13
RRVL had announced the acquisition of 40.95 per cent stake in Just Dial for Rs 3,497 crore and said it will make a public announcement for an open offer for acquiring up to 2.17 crore equity shares of Just Dial This would aggregate to a total consideration of over Rs 2,222 crore (Source: PTI) PTI
Updated Jul 27, 2021, 8:03 AM IST
Reliance Retail Ventures Ltd s open offer for the shareholders of Just Dial to buy an additional 26 per cent stake in the company will commence on September 13 and close on September 24, according to a regulatory filing. Earlier this month, RRVL had announced the acquisition of 40.95 per cent stake in Just Dial for Rs 3,497 crore and said it will make a public announcement for an open offer for acquiring up to 2.17 crore equity shares of Just Dial (representing 26 per cent share in the company).
Reliance underperformance to continue?
Reliance has been stagnating for quite some time. It reaches the 2200 levels and then we see a draw down again happening. So, clearly it is looking for the next big catalyst. The Just Dial acquisition did not actually enthuse the Street that much. What the Street will look at, especially in Jio, is any move to hike ARPUs by any action. We saw a bit of action by Bharti but that was very little, it was addressing only 5% of their total clientele which accounts for about 20% of the revenue when they hiked the post paid plans minimum sizes. So something has to happen.
We expect volatility to remain high due to the scheduled derivatives expiry of July series. The earnings season will gain pace and prominent names will announce their numbers during the week, said Ajit Mishra, VP Research, Religare Broking. Besides, the update on the global COVID situation and US Fed meeting outcome on July 28 will be in focus, he added, advising limited leveraged positions.
In the BSE 500 index, 390 stocks ended the week on a negative note while the rest closed with gains. Over two dozen counters registered double-digits gain during the week.
Here are 10 stocks that buzzed the most during the week:
RIL s energy, telecom arms make up for retail blip, easing of curbs will be a boost
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RIL s energy, telecom arms make up for retail blip, easing of curbs will be a boostBy
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Synopsis
As the curbs are lifted further and footfalls increase at retail outlets, RIL should garner robust contributions from retail and telecom, which account for 45% of the operating profit and two-thirds of its fair value.
The retail business had to negotiate curbs on mobility and operations, with several outlets seeing fewer operating hours due to the sporadic lockdowns. Revenue of the retail business fell 18% QoQ to Rs 38,547 crore while operating profit shrank 46%.
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