Reliance Industries' share value surges to a record Rs 2,856.15

The stock rose for the fourth straight session

FPJ Web Desk | Updated on: Friday, April 29, 2022, 11:13 AM IST

On Thursday, Bodhi Tree Systems to invest Rs 13,500 cr in Viacom18 / Representative image |
On Thursday, Bodhi Tree Systems to invest Rs 13,500 cr in Viacom18 / Representative image |

Reliance Industries Ltd's share value soared to a record high of Rs 2,856.15 on Friday, rising for the fourth straight session with the stock rising 1.3 percent to touch a record high of Rs 2,856.15 per share.

It was last trading 0.5 percent higher at Rs 2834.40.

On April 28, the market heavyweight on Wednesday became the first Indian company to hit the Rs 19 lakh crore market valuation mark following a rally in its share price. The jumped 1.85 percent to its record high of Rs 2,827.10 on the BSE.

Expert view

Santosh Meena, Head of Research, Swastika Investmart Ltd. said, The Counter is in a Classical uptrend and stock is traveling at its all-time high levels. Overall, structure looks lucrative as it trades above its 100,200 SMA moving averages, also it is having demand zone. On the upside, 2940 is an immediate resistance area; above this, we can expect a run-up towards 3050+ levels in the near term. On the downside, if it will break 2700 level then 2650 is the next critical zone.

Bodhi Tree Systems to invest Rs 13,500 cr in Viacom18

On Thursday, Bodhi Tree Systems, an investment venture of James Murdoch's Lupa Systems and Uday Shankar, ex-chairman of Star and Disney India, announced an investment of Rs 13,500 crore in broadcaster Viacom18 as part of a tripartite partnership with billionaire Mukesh Ambani's Reliance, to form one of the largest TV and digital streaming firms in India, PTI report said.

Under the partnership, Reliance Projects & Property Management Services Ltd (RPPMSL), a wholly-owned subsidiary of Reliance Industries, which has significant presence in television, OTT, distribution, content creation, and production services, will invest Rs 1,645 crore and the popular JioCinema OTT app will be transferred to Viacom18, the companies said in a joint statement.

Paramount Global (formerly known as ViacomCBS), a leading global media and entertainment company, will continue as a shareholder of Viacom18 and will continue to supply Viacom18 its premium global content, it added.

Paramount has TV networks and streaming services including CBS, Showtime Networks, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, Paramount+ and Pluto TV.

The newly formed platform, Bodhi Tree Systems will “leverage the partners’ shared track record of building iconic businesses and shaping the media landscape in India and globally”, the statement said.

Commenting on the development, Reliance Industries Ltd Chairman & Managing Director Mukesh D Ambani said, “James and Uday’s track record is unmatched. For over two decades, they have played an undeniable role in shaping the media ecosystem in India, Asia, and around the world.

“We are very excited to partner with Bodhi Tree and lead India’s transition to a streaming-first media market. We are committed to bringing the best media and entertainment services for Indian customers through this partnership.”

He further said, “Our ambition is to leverage technology advances, particularly in mobile, to provide meaningful solutions to meet everyday media and entertainment needs at scale. We seek to reshape the entertainment experience across more than 1 billion screens.”

Upon closing, Viacom18, in close cooperation with Reliance, Bodhi Tree Systems and Paramount Global, will shape a vision, strategy, and execution for its businesses, building on the strong existing foundation, the statement said.

Viacom18 is amongst the leading players in the core linear television business with 38 channels across nine languages and a pan India presence across general entertainment, movies, sports, youth, music and kids genres.

The transaction is expected to close within six months and is subject to closing conditions and requisite approvals, it added.

In February this year, Lupa Systems Founder James Murdoch and Uday Shankar, who is also the former President of Walt Disney Asia Pacific, announced formation of the investment venture, Bodhi Tree raising USD 1.5 billion from the Qatar Investment Authority (QIA).

It was designed to invest in media and consumer technology opportunities in Southeast Asia, with a particular focus on India.

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Published on: Friday, April 29, 2022, 11:13 AM IST