RIL climbs 1% amid SoftBank investment buzz

Reliance-2---Reuters

NEW DELHI: Shares of Reliance IndustriesNSE 1.50 %(RIL) climbed 1 per cent in Tuesday’s trade after reports that SoftBank Vision Fund might invest in its telecom arm Reliance Jio.

SoftBank is doing due diligence on Jio and its tower and fibre assets and may invest $2-3 billion, ETNow reported, quoting sources. SoftBank is said to be interested in Jio’s tech-telecom-e-commerce integrated play.

Neither RIL nor SoftBank confirmed the report.

Shares of RIL traded 0.72 per cent higher at Rs 1,354 on BSE around 10 am. The stock fell 2.76 per cent to Rs 1,344 on Monday even after the company on Thursday reporting March quarter profit in line with estimates.

Some market participants said while the better-than-expected March quarter profit numbers were already in the price, Jio’s lower average revenue per user (Arpu) disappointed investors.

[“source=economictimes.indiatimes”]