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(Bloomberg) — Reliance Industries Ltd. rallied the most in more than three months after India’s biggest firm by market value moved ahead with its plan to list its financial services business and said its retail unit will buy back shares.
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Shares of the Mumbai-based retail-to-refining conglomerate rose as much as 4.7%, the most since March 31, to 2,756 rupees ($33.4) apiece. They closed 3.9% higher at their highest level since June 2022.
Reliance also got a boost after the company separately said, its retail unit will buy back shares trading in the gray market and given to employees as stock options as the conglomerate mulls listing the holding company of Reliance Retail Ltd. It announced paying a premium over the average price of 866 rupees apiece, which was determined by independent valuers.
Based on the buyback offer price and, the implied valuation of Reliance Retail Ventures Ltd., the holding firm of Reliance Retail Ltd., is pegged at $100 billion to $105 billion, according to Dayanand Mittal, analyst with JM Financial Institutional Securities Ltd. That’s higher than Mittal’s expectation for the business to be valued in the range of $90 billion to $100 billion.
Prior to today’s rally, shares of Reliance Industries had trailed Indian equities, rising 3.4% versus S&P BSE Sensex’s more than 7% gains for the year. Key benchmarks as well as gauges of small- and mid-sized companies are already trading at record levels as foreigners continue to buy local shares, backed by companies’ potential to grow earnings while the country’s economy remains resilient.
The buyback of the small number of non-promoter shares is effectively a clean-up of the shareholding before any eventual IPO of the retail venture, JPMorgan Chase & Co. said in a note.
Since June, the company has commenced gas production from a deepwater block while unveiling a $12 internet-enabled phone to attract budget device users to its telecom business. The company is expected to announce its results for the June quarter later this month.
“Reliance seems to be firing on all cylinders,” said Anita Gandhi, a director at Mumbai-based Arihant Capital Markets Ltd. “The latest announcements are aimed at value unlocking in its businesses, which also supports the company’s succession plan.”
(Updates prices.)
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