Reliance Industries shares hit 52-week high after Abu Dhabi's Mubadala deal

News Network
June 5, 2020

New Delhi, Jun 5: Shares of Reliance Industries on Friday gained over 2 per cent to hit their one-year high level after the company announced sale of 1.85 per cent stake in its digital unit, Jio Platforms, to Abu Dhabi-based sovereign investor Mubadala.

On BSE, the heavyweight stock jumped 2.38 per cent to Rs 1,617.70 -- its 52-week high.

It surged 2.41 per cent to its one-year high of Rs 1,618 on NSE.

Earlier in the day, Reliance Industries announced the sale of 1.85 per cent stake in its digital unit to Mubadala for Rs 9,093.60 crore, the sixth deal in as many weeks that will inject a combined Rs 87,655.35 crore in the oil-to-telecom conglomerate to help it pare debt.

"Mubadala Investment Company (Mubadala) will invest Rs 9,093.60 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore," the company said in a statement.

With this investment, Jio Platforms has raised Rs 87,655.35 crore from leading global technology and growth investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR and Mubadala in less than six weeks.

Jio Platforms, a wholly-owned subsidiary of Reliance Industries Ltd, is a next-generation technology company.

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News Network
March 7,2024

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Thiruvananthapuram: Padmaja Venugopal, daughter of late Congress leader and former Kerala Chief Minister K Karunakaran, is joining the BJP.

Amidst rumours in this regard, Padmaja told a news channel that neglect from Congress leadership and attraction towards Narendra Modi's leadership led her to take the decision to join the BJP.

She is scheduled to formally join the party today itself.

Congress is already facing much embarrassment over many leaders and workers joining the BJP. Senior leader A K Antony's son Anil Antony, who joined the BJP last year, is now contesting as the BJP candidate at Pathanamthitta in Kerala.

Padmaja's elder brother K Muraleedharan, who is Congress MP from Vadakara in Kozhikode, told reporters that his sister ditched the Congress despite the hardships faced by their father in building up the party in Kerala.

Karunakaran, who died in 2010, is still popularly known as 'leader' in Kerala. He served as Chief Minister for four terms and also as a union minister.

Padmaja, who is a member of Congress Political Affairs Committee in Kerala, contested twice in assembly polls and once in Lok Sabha polls, but got defeated in all.

Padmaja alleged that a section in the Congress itself worked for her defeat in 2021 assembly polls in Thrissur. Even as she complained to party leadership in this regard there was no action taken, she said.

Sources said that Padmaja was expecting a Rajya Sabha seat, which was not considered by the Congress. She was also unhappy that the work on the Karunakaran Foundation building in Thiruvananthapuram was getting delayed

CPM has been campaigning that Congress and BJP are two sides of the same coin as many Congress leaders are joining the BJP.

CPM state secretary M V Govindan said that many Congress leaders in Kerala would be joining the BJP in due course and that could be the reason why Prime Minister Narendra Modi recently expressed hopes that BJP will win double digit number of seats in Kerala this time.

Padmaja is based in Thrissur and hence her decision to join the BJP could be a boost to BJP's hopes of winning the Thrissur Lok Sabha seat where actor-turned politician Suresh Gopi is in the fray.

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News Network
March 18,2024

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New Delhi, Mar 18: The Election Commission on Monday afternoon issued orders for the removal of six Home Secretaries - including the top bureaucrats from Gujarat, Bihar, and Uttar Pradesh.

The poll panel also directed the transfer of West Bengal's Director-General of Police, the top cop of a state that has seen several instances of poll-related violence in recent years. The poll panel further said a shortlist of three potential replacements had to be prepared and submitted by 5 pm.

The re-shuffle, not an uncommon move by the Election Commission before major polls, also includes the transfer of the Jharkhand, Himachal Pradesh, and Uttarakhand Home Secretaries, as well as senior officials attached to the offices of the Mizoram and Himachal Pradesh Chief Ministers.

In addition, Iqbal Singh Chahal, who is Commissioner of the Brihanmumbai Municipal Corporation, and other officials in municipalities across Maharashtra, have been removed too.

All of this comes less than a month before the 2024 Lok Sabha poll; the ECI on Saturday said voting will begin on April 19 and run over seven phases till June 1.

This is, in fact, the first bureaucratic re-jig by the ECI since it announced polling dates.

The ECI's move comes after a meeting of Chief Election Commissioner Rajiv Kumar and his two associates, the newly-appointed Gyanesh Kumar and Sukhbir Singh Sandhu. This step comes as part of the poll panel's commitment to ensure a level playing field for all political parties in the forthcoming Lok Sabha and Assembly elections, as well as by-polls for 26 seats in 13 states.

Sources said the personnel removed were found to be holding dual charge in the offices of the respective chief ministers of each state, and this could compromise, or be seen to be compromising, required neutrality, particularly in relation to law-and-order before, during and after polling.

Bengal's ruling Trinamool has not yet reacted to the removal of DGP Rajiv Malik, who is seen by some to be close to Chief Minister Mamata Banerjee's party. In the past, the state government has questioned the last-minute re-shuffle of senior civil service and police officials so close to an election, arguing it actually hampers prep work since the new faces need time to adjust to the post.

Bengal has frequently witnessed violence during polling season; in June last year over a dozen people were killed across the state as voting for a panchayat election was underway.

The Trinamool accused the opposition of instigating violence and criticised central forces for their failure to protect voters, while the Congress claimed the state had let thugs loose on the people.

While announcing the dates on Saturday, the Chief Election Commissioner said the poll panel would take a very dim view of any violence during the election. Mr Kumar said the ECI is prepared to come down hard on any such incident. "We're putting political parties on notice," he declared.

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News Network
March 15,2024

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Bengaluru: Prime Minister Narendra Modi would formally kickstart the BJP's Lok Sabha election campaign in Karnataka on Saturday from Congress President Mallikarjun Kharge's home turf— Kalaburagi.

He is scheduled to address a mega public meeting at the district headquarters town's N V Ground at 2 pm.

Kharge, who had represented Kalaburagi (Gulbarga Lok Sabha segment) twice in the past, lost to BJP's Umesh Jadhav by a margin of 95,452 votes in the 2019 general elections here— the octogenarian leader's first electoral loss in his political life spanning several decades.

BJP has once again fielded Jadhav from the segment.

Speculations are rife that the Leader of Opposition in Rajya Sabha, who has the role of managing the party nationally and coordinating with the opposition I.N.D.I.A bloc, may not contest the coming polls and, instead, the Congress is likely to field his son-in-law Radhakrishna Doddamani, a businessman, who also manages educational institutions.

On March 18, Modi will be in Shivamogga, the home district of veteran BJP leader B S Yediyurappa, and is scheduled to address a huge public meeting at 2 pm.

Yediyurappa's son B Y Raghavendra is the sitting MP from Shivamogga and has been re-nominated by the party. Yediyurappa's other son B Y Vijayendra, who represents Shikaripura assembly constituency in the district, is the state BJP President.

BJP has announced candidates for 20 seats in the State, which has a total of 28 constituencies.

After being ousted from power by the Congress in the 2023 Assembly polls, the BJP now is making a strong bid to regain the lost ground in Karnataka.

The BJP won 25 out of total 28 seats in the previous elections, and had ensured the win of a party supported independent candidate in Mandya. The then ruling Congress-JD(S) alliance had come a cropper winning just one seat each.

It is a role reversal of sorts for JD(S), which joined the NDA last September and has forged an electoral alliance with the BJP. The regional party is expected to contest in three seats— Mandya, Hassan and Kolar.

Sharing details of Modi's visit, state BJP General Secretary Sunil Kumar on Wednesday said BJP National President J P Nadda, Union Home Minister Amit Shah, Chief Minister of Uttar Pradesh Yogi Adityanath along with other leaders will visit different Lok Sabha constituencies for campaigning in the coming days.

Speaking about the party's poll preparations, he said: "We have divided 28 Lok Sabha constituencies into eight clusters for Lok Sabha elections. Keeping in view the local political and geographical background, programmes and strategies are being worked out in those eight clusters."

Several senior leaders including Shah and Nadda have already visited one of these clusters, Kumar said, adding, "Workers' convention, well-wishers' contacts have been made and election preparations are on in all these eight clusters. In the second phase, large public meetings will be held."

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