Reliance Industries was the top contributor in the Nifty 50 and Sensex indices.
Reliance Industries shares rose as much as 3.65 per cent to touch a record high of Rs 2,377.50 on the BSE a day after the company’s retail venture – Reliance Retail acquired controlling stake in search engine platform Just Dial. With a stake of 41 per cent, Reliance Retail now holds the sole control of local search engine platform Just Dial. With today’s price surge on the bourses, the market valuation of the country’s most valuable company rose above Rs 15 lakh crore.
On July 20, Reliance Retail had acquired 1.31 crore equity shares of Rs.10 each of Just Dial at a price of Rs.1,020 per equity share from Mr. VSS Mani, Founder, just Dial, on the floor of the stock exchange through the block window facility.
Reliance Industries shares have been on an upward journey ever 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 its subsidiary Jio would launch an affordable smartphone in partnership with Google is also fuelling the rally in Reliance shares, as it will lead to yet another disruption in the telecom industry, analysts added.
Meanwhile, Reliance Industries was the top contributor in the Nifty 50 and Sensex indices. Reliance Industries alone contributed 245 points towards the gain in Sensex and was the top gainer of the 30-share index.
As of 1:11 pm, Reliance Industries shares traded 3.56 per cent higher at Rs 2,375, outperforming the Sensex which was up 0.3 per cent.
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