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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
