Share of Reliance Industries Limited rose 1 percent on Monday morning as investors fired exceptional revenue data for its telecom business. The stock has hit a fresh 52 week high.
Investors also react to expansion of stake in Gensis color to 49.46 percent after it purchased additional 3 percent in the firm.
The stock touched an intraday high of Rs 1,291.85 and an intraday low of Rs 1,280.00.
As per the reports in The Economic Times, Reliance Industries Limited is now the second-largest company by revenue market share. The company has now pipped Vodafone India.
The reports also contributes, that strong performance in rural mobile markets and competitive pricing uphold the performance.
The company’s revenue market share (RMS) rose to 22.4 percent for the June quarter, the publication reported, and citing data from the telecom regulator.
Moreover, the company is in the news for expansion of its stake in Genesis Colors as well. In a filing to the exchanges, the company said that Reliance Brands, its subsidiary, 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%.
However, no regulatory approvals were required for the said acquisition of shares. The investment does not fall within related party transaction and none of RIL’s promoter / promoter group / group companies have interest in GCL, the company further added in the statement.
At 09:32 hrs Reliance Industries was quoting at Rs 1,291.20, up Rs 13.15, or 1.03 percent, on the BSE. It touched a 52-week high of Rs 1,291.85.
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