Reliance’s share price continued to slump in early trade on Friday to continue its four-day losing streak.
What Happened: The company late on Thursday informed the exchanges that it has entered into an understanding with The Oberoi Hotels and Resorts to jointly manage three properties across India and the UK. These include the upcoming Anant Vilas Hotel in Mumbai's Bandra Kurla Complex (BKC), the iconic Stoke Park in the UK, and another planned project in Gujarat.
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In another development, the Telecom Regulatory Authority of India’s data shows that the oil-to-hotels conglomerate’s telecom arm, Jio, added the most number of new customers in June at 22.7 lakh. It now has a total subscriber base of 43.85 crore far ahead of Airtel, which comes in second at 37.37 crore.
The announcement comes just days after the company announced raising funds from Qatar Investment Authority. Reacting to the developments Morgan Stanley maintained its “overweight” rating for the stock with a target of ₹2,821.
Price Action: Reliance’s share price was up 0.90% to trade at ₹2,457.60 at market open on Friday.
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