Mumbai: Reliance Industries<\/a>’ rights issue<\/a> offer price may have disappointed some sections of the market, but the issue is likely to sail through without any problems, analysts and brokers said. 孟买:信实工业公司”配股报价可能会失望的部分市场,但这个问题有可能顺利通过没有任何问题,分析师和经纪人说。
Last Thursday, RIL<\/a>, India’s biggest private sector company, announced India’s biggest rights issue of ₹53,125 crore at ₹1,257 per share, a 14% discount to Thursday’s closing price. The offer ratio is 1:15.
“The market expectations were a bit higher given that rights issues in the recent past have been at a higher discount,” said Rajiv Sharma, head of research at SBICAP Securities<\/a>. “However, with the Facebook-Jio deal, and the company saying that due diligence for the Aramco deal is going on, such a narrative may bode well for the fundraising plans,” said Sharma.
Sanjiv Bhasin, director, IIFL Securities<\/a> said the market was expecting pricing at ₹1,000-1,100. “They are looking to reduce debt, which is a big positive. The return on equity should do exceedingly well for the next two years,” said Bhasin.
“With two deals already announced (Facebook<\/a> and BP), cash-inflow from the deals should be around $7 billion,” said Credit Suisse<\/a> in a note. “The rights issue could help to reduce net debt further by $7.5 billion (at USD\/INR of 70),” the brokerage said. The rights issue is EPS-neutral, Credit Suisse said. It has a neutral rating on RIL with a target price of ₹1,150.
RIL’s global depository receipts (GDR) fell on Friday after the results. RIL shares rose 3% to ₹1,467.05 on Thursday and the stock has gained 67% from its 52-week low of ₹875.70 on March 23.
RIL’s consolidated quarterly net profit rose 3.7% to ₹10,813 crore before exceptional items. Reliance Jio’s net profit trebled to ₹2,331crore, while Reliance Retail<\/a>’s Ebitda rose 33% to ₹2,556 crore. Including exceptionals, RIL’s profit for the quarter fell 37.2% to ₹6,546 crore.
RIL is expected to complete the capital raising programme totalling over ₹1.04 lakh crore by the first quarter of FY21. This includes the investment by Facebook in Jio Platforms, the upcoming rights issue and the previous investment by BP in FY19-20.
Some analysts believe that the rights issue combined with comments from the company that there is interest from other investors in Jio Platforms should lead the market to look through the weak earnings environment in the near term.
However, independent market expert Sandip Sabharwal believes the stock is likely to be weak in the near term and that the rights issue is priced higher than market expectations. “The market expectation was around ₹1,000,” said Sabharwal, adding that the stock is likely to be weak in the near term as the refining and petrochemicals business of the company is likely to be under pressure over the next few months.![\"\"](\"\/\/www.iser-br.com\/Themes\/Release\/images\/responsive\/ettelecom-default.jpg\")
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上周四,瑞来斯印度最大的私营公司,宣布印度最大的配股₹每股53125卢比的₹1257,周四收盘价折让14%。提供比1:15。
"市场预期稍高,因为权利问题在最近的过去一直在更高的折扣,“Rajiv Sharma说,研究主管SBICAP证券。“然而,Facebook-Jio交易,该公司说,尽职调查的阿拉伯国家石油公司的交易,这样的叙述可能预示着筹款计划,“夏尔马说。
“有两个交易已经宣布(脸谱网和英国石油公司),现金流入从交易应该在70亿美元左右,”说瑞士信贷(Credit Suisse)在一份报告中指出。“配股可能有助于进一步降低净负债75亿美元(在70美元/ INR),“经纪说。配股EPS-neutral,瑞士信贷(Credit Suisse)说。它有一个中性评级瑞来斯的目标价₹1150。
瑞来斯的全球存托凭证(东德)周五下跌后的结果。瑞来斯股价周四上涨3%,至1467 .05₹和股票已上涨67%从52周低点875.70₹3月23日。
瑞来斯合并季度净利润同比增长3.7%₹10813卢比的特殊项目。依赖Jio的净利润增长了两倍,达到2331₹卢比信实零售的息税前利润增长33%,至₹2556卢比。包括特殊,瑞来斯的第二季度的利润下降了37.2%₹6546卢比。
瑞来斯预计完成融资项目总额超过1.04₹十万的卢比FY21第一季度。这包括Jio投资Facebook的平台,即将到来的配股,FY19-20前英国石油公司的投资。
一些分析师认为,权利问题,结合该公司的言论Jio平台应该有其他投资者的兴趣导致市场浏览疲软的收益在短期内环境。
然而,独立的市场专家人力Sandip认为股票在短期内可能会疲软,配股价格高于市场预期。"市场预期是1000₹”,人力说,补充说,股票在短期内可能会疲软的炼油和石化企业公司是在压力下可能会在接下来的几个月里。
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Mumbai: Reliance Industries<\/a>’ rights issue<\/a> offer price may have disappointed some sections of the market, but the issue is likely to sail through without any problems, analysts and brokers said.
Last Thursday, RIL<\/a>, India’s biggest private sector company, announced India’s biggest rights issue of ₹53,125 crore at ₹1,257 per share, a 14% discount to Thursday’s closing price. The offer ratio is 1:15.
“The market expectations were a bit higher given that rights issues in the recent past have been at a higher discount,” said Rajiv Sharma, head of research at SBICAP Securities<\/a>. “However, with the Facebook-Jio deal, and the company saying that due diligence for the Aramco deal is going on, such a narrative may bode well for the fundraising plans,” said Sharma.
Sanjiv Bhasin, director, IIFL Securities<\/a> said the market was expecting pricing at ₹1,000-1,100. “They are looking to reduce debt, which is a big positive. The return on equity should do exceedingly well for the next two years,” said Bhasin.
“With two deals already announced (Facebook<\/a> and BP), cash-inflow from the deals should be around $7 billion,” said Credit Suisse<\/a> in a note. “The rights issue could help to reduce net debt further by $7.5 billion (at USD\/INR of 70),” the brokerage said. The rights issue is EPS-neutral, Credit Suisse said. It has a neutral rating on RIL with a target price of ₹1,150.
RIL’s global depository receipts (GDR) fell on Friday after the results. RIL shares rose 3% to ₹1,467.05 on Thursday and the stock has gained 67% from its 52-week low of ₹875.70 on March 23.
RIL’s consolidated quarterly net profit rose 3.7% to ₹10,813 crore before exceptional items. Reliance Jio’s net profit trebled to ₹2,331crore, while Reliance Retail<\/a>’s Ebitda rose 33% to ₹2,556 crore. Including exceptionals, RIL’s profit for the quarter fell 37.2% to ₹6,546 crore.
RIL is expected to complete the capital raising programme totalling over ₹1.04 lakh crore by the first quarter of FY21. This includes the investment by Facebook in Jio Platforms, the upcoming rights issue and the previous investment by BP in FY19-20.
Some analysts believe that the rights issue combined with comments from the company that there is interest from other investors in Jio Platforms should lead the market to look through the weak earnings environment in the near term.
However, independent market expert Sandip Sabharwal believes the stock is likely to be weak in the near term and that the rights issue is priced higher than market expectations. “The market expectation was around ₹1,000,” said Sabharwal, adding that the stock is likely to be weak in the near term as the refining and petrochemicals business of the company is likely to be under pressure over the next few months.
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