Also the recent buyback extinguished 10-11% of outstanding shares. Should help to offset the “non-core stakes” concerns raised by financial ratios focused analysts.
NRL will be a key customer for next few quarters and it helps to have a stake to keep getting business I think… The geographical location of NRL is a bit of concern though.
Personally, I think they should not invest more than 1500 cr out of the 2800 cr internal reserves - which makes it about an 8% stake in NRL. But let’s see how it works out in practice.
Disclosure: Invested.