Shares of the country’s most valuable company, Reliance Industries, rose a staggering 3.83 percent to hit a record high of Rs 2,479.85 after the company announced after hours on Friday that it had acquired a stake in Strand Life Sciences. has acquired. Reliance Industries subsidiary Reliance Strategic Business Ventures acquired 2.28 crore shares in Strand Life Sciences for a consideration of Rs 393 crore.
Strand was founded in India on Oct. 6, 2000. Strand is a pioneer of genomic testing in India with bioinformatics software and clinical research solutions for healthcare providers, including clinicians, hospitals, medical device manufacturers and pharmaceutical companies, Reliance Industries said in a statement. exchange request .
Reliance Industries will further invest Rs 160 crore by March 2023 and the total investment will translate into an 80.3 percent stake in Strand, the Mukesh Ambani-led company said.
“Strand turnover was Rs 88.70 crore, Rs 109.84 crore and Rs 96.60 crore, and net profit (loss) of Rs 8.48 crore, Rs (25.04) crore and Rs (21.66 ) crore in FY 2021, FY 2020 and FY 2019 respectively. The aforementioned investment is part of the group’s digital health initiatives, to advance affordable access to world-class technology and an innovation-led healthcare ecosystem in India,” said Reliance Industries.
With the current surge in the share price of Reliance Industries, the market cap surpassed Rs 16 lakh crore at its highest level for the day, data from BSE showed.
Shares of Reliance Industries are up 25 percent so far this year, outperforming Sensex, which is up 22.54 percent.
At 12:14 p.m., Reliance Industries was the top Sensex gainer, with a gain of 2.22 percent. Reliance Industries alone contributed 140 points to the Sensex.