The market valuation of Reliance Industries jumped to a record Rs 15 lakh crore (trillion) on Friday, the first domestic company to attain this historic feat. The gain in Reliance Industries’ stock also helped the rally in the BSE Sensex which closed above the 58000-mark for the first time on Friday.
The market heavyweight stock jumped 4.12 per cent to close at Rs 2,388.25 on the BSE. During the day, it zoomed 4.38 per cent to a record Rs 2,394.30. Reliance Industries, the most valued firm by market cap, was the biggest gainer in the Sensex pack.
On June 3 this year, Reliance Industries’ market capitalisation (m-cap) crossed the Rs 14 lakh crore mark.
Shares of Reliance Industries have gained over 20 per cent so far this year.
Green energy push
Reliance Industries will create or enable capacity by the year 2030 to generate at least 100 gigawatts of electricity from renewable sources, which can be converted into carbon-free green hydrogen, chairman Mukesh Ambani said on Friday.
Speaking at the International Climate Summit 2021, Ambani said Reliance will pursue the target of bringing down the cost of making green hydrogen to under $2 per kg initially and ultimately to bring it down to under USD 1 per kg in a decade.
Stake in Strand Life Sciences
RIL on Friday said its subsidiary has acquired a majority stake in genomic testing firm Strand Life Sciences for Rs 393 crore.
The acquisition by Reliance Strategic Business Ventures Ltd (RSBVL) is part of Reliance’s digital health initiatives, the firm said in a stock exchange filing. A further investment of up to Rs 160 crore is expected to be completed by March, 2023.
“The total investment will translate into about 80.3 per cent of equity share capital in Strand on a fully diluted basis,” it said.
Strand was incorporated in India on October 6, 2000. It is a pioneer in genomic testing in India with bioinformatics software and clinical research solutions to healthcare providers, including clinicians, hospitals, medical devices manufacturers and pharmaceutical companies.
