Although Ambani laid out a vision for a technology future for Reliance Industries at the shareholders meeting, shares of the conglomerate slumped. The tycoon confirmed that a planned sale of stake in Reliance’s oil-and-chemicals division to Saudi Arabian Oil Co. for an estimated $15 billionThe stock fell 3.8% Wednesday, the biggest loss since May 14, paring gains from a rally spurred by the frenzied fundraising by Jio.
“I believe that the time has come for a truly global digital product and services company to emerge from India, and to be counted among the best in the world,” he said.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BUSINESS MAVERICK: TFG bids for Edcon’s Jet stores, while trading update paints a bleak retail pictureTFG’s share price was up over 1% in mid-afternoon trade on Monday, which suggests its investors are broadly supportive.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK OP-ED: SAA rescue plan reveals government’s tunnel visionWhat is the point of throwing everything at SAA when the rest of the air transport system and entire industries upon which SAA depends are collapsing?
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK ANALYSIS: Will a rebounding China pull other emerging markets along in its wake?China is set to break fresh ground on 17 July 2020 when its economic growth rate is expected to move back into positive territory. In the past, a more vibrant Chinese economy has buoyed emerging markets along with it. But the current heterogeneity of the emerging market universe means that country-specific challenges may well play a larger role in determining the pace of their economic recoveries this time around.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: IPOs Boom With Lasting Pandemic Effect on How Deals Get DoneUS equity issues are surging to a record high and projected to stay strong for the rest of 2020 even as the pandemic upends traditional in-person marketing junkets.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Mining output decline slows in May to almost 30%After very limited operations in April, South Africa's mining sector underwent a gradual reboot in May. The result was that production in the sector that month 'only' fell 30% year-on-year after plunging a revised 50.3% in April, according to data published by Stats SA on Tuesday, 14 July.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Laying down the foundation for pensions to fund infrastructure spendThere are growing calls to amend SA’s pension fund regulation to enable more investment in infrastructure. But not everybody is on the same page ... yet.
Source: dailymaverick - 🏆 3. / 84 Read more »