Yesterday it was Adani, today it's Ambani.
From India's Mint news, October 11:
More upside seen in RIL shares as Ambani accelerates push into green energy
- Reliance Industries (RIL) acquired REC Group, an integrated solar PV maker and has purchased 40% stake in Shapoorji Pallonji Group's Sterling & Wilson Solar
Reliance Industries (RIL) shares surged to a new record high in Monday's deals after India's top valued firm announced acquisition of two firms, accelerating its push into green energy. Tracking gains in index heavyweights RIL and banks, Nifty soared to record high of 18,000.
Billionaire Mukesh Ambani's RIL during the weekend announced two back-to-back acquisitions of Norway-based solar panel manufacturer REC Solar Holdings and purchase of 40% stake in Shapoorji Pallonji Group's Sterling & Wilson Solar.
RIL acquired REC Group, an integrated solar PV maker, for $771 million. The company intends to set up 10 GW in Jamnagar using REC's technology. “REC is the only player globally to commercialise a tech that consumes 75% less power than Chinese comps. It has patented tech and opens up the export market for RIL's solar business," analysts at Jefferies said in a note.
China's restrictions on energy intensive industries and widening winter emission reduction campaign have cut refinery run rates. Jefferies sees a potential for 10-12% upgrade to consensus O2C Ebitda estimates for FY22E if China sticks to its climate goals till the Winter Olympics in February 2022. Therefore, it reiterate its positive stance on RIL. The brokerage has maintained its ‘Buy’ rating on the stock with a target price of of ₹3,050 per share....
