Shares of the country's most valuable company, Reliance Industries, rose as much as 3.83 per cent to hit record high of Rs 2,479.85 after the company post market hours on Friday informed exchanges that it has acquired stake in Strand Life Sciences. Reliance Industries subsidiary Reliance Strategic Business Ventures acquired 2.28 crore shares in Strand Life Sciences for a consideration of Rs 393 crore.
Strand was incorporated in India on October 6, 2000. Strand is a pioneer of genomic testing in India with bioinformatics software and clinical research solutions to healthcare providers including clinicians, hospitals, medical devices manufacturers and pharmaceutical companies, Reliance Industries said in a an exchange filing.
Reliance Industries will further make an investment of Rs 160 crore by March 2023 and the total investment will translate into 80.3 per cent stake in Strand, the Mukesh Ambani-led company said.
"Strand's turnover was Rs 88.70 crore, Rs 109.84 crore and Rs 96.60 crore, and net profit (loss) of Rs 8.48 crore, Rs (25.04) crore and Rs (21.66) crore in FY 2021, FY 2020 and FY 2019 respectively. The aforesaid investment is part of group's digital health initiatives, to foster affordable access to world class technology and innovation led healthcare ecosystem in India," Reliance Industries said.
With today's surge in Reliance Industries share price, its market capitalisation crossed Rs 16 lakh crore at the day's highest level, data from BSE showed.
Reliance Industries shares have so far this year advanced 25 per cent, outperforming the Sensex which has advanced 22.54 per cent.
As of 12:14 pm, Reliance Industries was top Sensex gainer, with a gain of 2.22 per cent. Reliance Industries alone contributed 140 points towards the Sensex.
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