Reliance Industries hits record high after raising stake in Genesis Colors

RIL share price: Shares of billionaire Mukesh Ambani-led Reliance Industries rose over 1% in morning deals on Monday after the company raised its stake in Genesis Colors Ltd by over 3%. Reliance Industries share price edged higher by 1.12% to a new 52-week high of Rs 1,291.80 on the National Stock Exchange. On the BSE, the company’s share price went up by 1.08% to hit a fresh record high of Rs 1,291.85 per share. At the time of reporting, the market capitalisation of Reliance Industries stood at Rs 8.14 lakh crore.

Only last week, Reliance Industries had scaled a new peak by becoming the first Indian company to cross the Rs 8 lakh crore market capitalisation mark. The Mukesh Ambani-led oil-to-textile-to-telecom conglomerate is India’s most valued firm by market capitalization followed by Tata Consultancy Services at 7.84 lakh crore market capitalisation.

In a regulatory filing to the BSE, Reliance Industries on Friday said that Reliance Brands Limited, a subsidiary of the company, has purchased an additional 3.07% equity holding in Genesis Colors Limited (GCL) for about Rs. 8.32 crore, taking its total stake in GCL to 49.46%. “No regulatory approvals were required for the said acquisition of shares,” the filing said.

According to the filing, GCL was incorporated in November 1998 and is in the business of retailing and wholesale of branded readymade garments, bags, footwear, and accessories directly and through its subsidiary/Joint Ventures. “GCL belongs to a similar industry as Reliance Brands Limited. This acquisition will add to the existing portfolio of branded fashion retail outlets,” it added.

Reliance Industries Limited (RIL)