Shares of Mukesh Ambani-led Reliance Industries rose a whopping 3.65 percent, reaching a record high of Rs 2,377.50 on the BSE. With the current surge in Reliance Industries’ share price, the market value of the country’s most valuable company soared above Rs 15 lakh crore. Shares of the oil-to-telecom conglomerate – Reliance Industries witnessed strong buying interest a day after the company’s retail venture – Reliance Retail acquired a majority stake in local search engine platform Just Dial Limited.
Reliance Retail now has exclusive control of the local search engine platform Just Dial Limited, with a 41 percent stake.
On 20 July, Reliance Retail had purchased 1.31 crore shares of Rs.10 each of Just Dial at a price of Rs.1,020 per share of shares of Mr VSS Mani, founder, Just Dial, on the trading floor through the block window facility.
Shares of Reliance Industries have been on an upward trajectory since Mr. Ambani outlined the company’s future plan to invest in renewable energy at its annual general meeting in June, analysts said.
Reliance Industries’ announcement that Jio is launching an affordable smartphone in partnership with Google also complements the rally in Reliance stocks as it will lead to yet another disruption in the telecom industry, analysts added.
Meanwhile, Reliance Industries was the largest contributor in the Nifty 50 and Sensex indices. Reliance Industries alone contributed 245 points to gains in the Sensex and was the biggest winner of the 30-stock index.
At 1:11 p.m., Reliance Industries shares traded 3.56 percent higher at Rs 2,375, outperforming the Sensex, which was up 0.3 percent.