Reliance Industries shares continue to rally; jump nearly 2 pc
Shares of Reliance Industries Ltd continued to move higher on Monday and closed with a gain of nearly 2 per cent after the company said its subsidiary has acquired a majority stake in genomic testing firm Strand Life Sciences Pvt Ltd for Rs 393 crore.The stock jumped 3.83 per cent to its all-time high of Rs 2,479.85 during the day on the BSE.
Shares of Reliance Industries Ltd continued to move higher on Monday and closed with a gain of nearly 2 percent after the company said its subsidiary has acquired a majority stake in genomic testing firm Strand Life Sciences Pvt Ltd for Rs 393 crore.
The stock jumped 3.83 percent to its all-time high of Rs 2,479.85 during the day on the BSE. It closed at Rs 2,424.55, a jump of 1.52 percent.
On the NSE, it gained 1.69 percent to close at Rs 2,429.
In traded volume terms, 6.02 lakh shares were traded at the BSE and over 1.55 crore shares at the NSE during the day.
On Friday, the market-heavyweight stock had jumped 4.12 percent to close at Rs 2,388.25 on the BSE.
The acquisition by Reliance Strategic Business Ventures Ltd (RSBVL) is part of Reliance's digital health initiatives, the firm said in a stock exchange filing.
''RSBVL, a wholly-owned subsidiary of Reliance Industries Limited (RIL), has acquired 2.28 crore equity shares of Rs 10 each of Strand Life Sciences Private Limited for a cash consideration of Rs 393 crore only,'' it said.
A further investment of up to Rs 160 crore is expected to be completed by March 2023.
''The total investment will translate into about 80.3 percent of equity share capital in Strand on a fully diluted basis,'' it said.
Strand was incorporated in India on October 6, 2000. It is a pioneer of genomic testing in India with bioinformatics software and clinical research solutions to healthcare providers, including clinicians, hospitals, medical devices manufacturers, and pharmaceutical companies.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)