Market valuation of Reliance Industries exceeds Rs 19 lakh crore; shares rebound more than 17% in 3 weeks

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Reliance m-cap exceeds Rs 19 lakh crore; shares rebound more than 17% in 3 weeks

Photo: BCCL

The market capitalization of Reliance Industries (m-cap) has risen above Rs 19 lakh crore following a massive rise in its share price over the past three weeks.
Shares in the company, owned by India’s wealthiest Mukesh Ambani, have jumped more than 17% since May 12 this year. On BSE, Reliance stock was trading at Rs 2,811.60 apiece, up 3.20% on Friday.

Its 52-week high was hit on April 29 this year, however, when the certificate reached Rs 2,855 on that day.

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Reliance Industries, which runs businesses spanning sectors including petrochemicals, telecoms, retail and renewable energy, has been on a funding and acquisition frenzy, with money pumping into organizations such as Hamleys , Clovia, MilkBasket, UrbanLadder, Haptik, etc. these last months.

According to some media, the company led by Mukesh Ambani is seeking to invest in the ed-tech startup Lido Learning despite the mass layoff of 1,200 employees.
Reliance Brands (RBL), the retail brand licensing arm of Reliance Industries, is also set to acquire a 40% stake in India-based Plastic Legno’s toy manufacturing business – Dream Plast – for a undisclosed amount.

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In addition, Reliance and US takeover firm Apollo Global Management are set to make a concrete bid for the Boots business of UK-based drugs retailer Walgreens Boots Alliance, and their binding bid could be presented as early as today. today (Jun 03), according to a report by ET.

Investors are betting high on the billionaire’s plans for the retail and telecommunications sector as the company plans to acquire other small and medium-sized businesses and consumer goods brands across the country.

Meanwhile, Reliance boss Ambani, with a net worth of $99.7 billion, has regained Asia’s richest label, eclipsing fellow countryman Gautam Adani, according to the latest Bloomberg Billionaires Index rankings.
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