Reliance Industries hits record high after raising stake in Genesis Colors
.jpg)
RIL share price: Shares of billionaire Mukesh Ambani-led Reliance Industries rose over 1% in morning deals on Monday after the company raised its stake in Genesis Colors Ltd by over 3%. Reliance Industries share price edged higher by 1.12% to a new 52-week high of Rs 1,291.80 on the National Stock Exchange. On the BSE, the company’s share price went up by 1.08% to hit a fresh record high of Rs 1,291.85 per share. At the time of reporting, the market capitalisation of Reliance Industries stood at Rs 8.14 lakh crore.
Only last week, Reliance Industries had scaled a new peak by becoming the first Indian company to cross the Rs 8 lakh crore market capitalisation mark. The Mukesh Ambani-led oil-to-textile-to-telecom conglomerate is India’s most valued firm by market capitalization followed by Tata Consultancy Services at 7.84 lakh crore market capitalisation.
In a regulatory filing to the BSE, Reliance Industries on Friday said that Reliance Brands Limited, a subsidiary of the company, has purchased an additional 3.07% equity holding in Genesis Colors Limited (GCL) for about Rs. 8.32 crore, taking its total stake in GCL to 49.46%. “No regulatory approvals were required for the said acquisition of shares,” the filing said.
According to the filing, GCL was incorporated in November 1998 and is in the business of retailing and wholesale of branded readymade garments, bags, footwear, and accessories directly and through its subsidiary/Joint Ventures. “GCL belongs to a similar industry as Reliance Brands Limited. This acquisition will add to the existing portfolio of branded fashion retail outlets,” it added.
Other Latest News
.webp)
Voting in the first phase of the Lok Sabha elections 2024 started early morning on Friday. The first phase will see 102 out of 543 Lok Sabha seats go to polls in 17 states and four Union Territories (UTs).
Social networking service Instagram launched a new feature aimed at encouraging voters to participate in the elections. Upon opening the app, Instagram gives an alert on top which says, "Voting in India’s Lok Sabha elections starts today, April 19."
.webp)
The Supreme Court on Friday asked yoga guru Ramdev to implead the complainants, who have lodged cases against him over his alleged remarks against the use of allopathic medicines during the Covid pandemic, as party in his plea seeking stay of criminal proceedings.
The Patna and Raipur chapters of the Indian Medical Association (IMA) have lodged complaints in 2021 alleging Ramdev's remarks were likely to cause prejudice to Covid control mechanism and may dissuade people from availing proper treatment.
.webp)
Shares of Bharat Petroleum Corporation Ltd (BPCL) were down by 4.2 per cent at Rs 560.20 intraday on Friday.
Similarly, other oil and marketing companies (OMCs) such as Indian Oil Corporation and Hindustan Petroleum Corporation Ltd (HPCL) slumped 4.1 per cent each at Rs 162.20 and Rs 457, respectively in intraday deals.
.webp)
Cryptocurrencies fell heavily and bitcoin broke below $60,000 on Friday in a rush out of risky assets following reports of an Israeli missile strike on Iran.
Bitcoin slid more than 5.5 per cent to $59,961 in the Asia session as the US dollar rose broadly. Ether fell by a similar margin, dropping below the $3,000 barrier to $2,895.
.webp)
Israeli missiles targeted a site in Iran in response to a recent drone and missile attack launched by Iran, reportedly in retaliation against an alleged Israeli airstrike on Iranian embassy in Syria, according to a report in ABC News.
ABC News reported on the unfolding situation, amid fears that the clash between Israel and Iran might escalate into a wider regional conflict.
.webp)
.webp)
.webp)
.webp)
.webp)
