Reliance Industries at life-time high; stock has surged over 27% this year

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The market was trading higher in the afternoon on September 27, mainly supported by the heavyweights like Reliance Industries (RIL) that touched a record high of Rs 2,525 intraday and was quoting at Rs 2,522.90, up Rs 39.95, or 1.61 percent, on the BSE.

The investors are banking on the growth story of the company, thanks to the visible progress on the front of Reliance Aramco deal, rapidly increasing digital footprint of Reliance Jio, healthy growth prospects of Reliance Retail and the company's plans for its renewable energy business, analysts said.

The share has risen more than 27 percent in 2021 after it closed at Rs 1,984.65 on December 31, 2020.

Also Read: RIL, Mahindra, Wipro among over 100 firms committed to reporting stakeholder capitalism metrics: World Economic Forum

Earlier, the company's subsidiary Reliance Strategic Business Ventures (RSBVL) acquired 2,28,42,654 equity shares of Rs 10 each of Strand Life Sciences for a cash consideration of Rs 393 crore.

A further investment of up to Rs 160 crore is expected to be completed by March 2023, RIL said in a regulatory filing, adding that the total investment will translate into 80.3 percent of equity share capital in Strand on a fully diluted basis.

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