Reliance Industries gains over 1%

India's most valued stock Reliance Industries gained more than 1% on Tuesday. The Hindu Business Line reported that the company has bought back 2.45 crore shares for Rs 1,750.31 crore as of June 1 and the average buyback price per share was Rs 713.68 a share.

In January 2012, board members of the company approved buyback of up to 12 crore shares (7.22%) and the maximum price was fixed at Rs 870 per share. The buyback will remain open till January 19, 2013.

Reliance Brands, a unit of Reliance Industries, announced a joint venture with America's clothing retailer Brooks Brothers to set up the latter's shops in India.

At 11:28 hours IST, the share was trading at Rs 700.30, up 1.1% after hitting an intraday high of Rs 702.80 and low of Rs 695 today, but it has been fallen nearly 12% since the announcement of buyback. Market capitalisation of the company currently stands at Rs 266,919.47 crore.