By Ajay Vaishnav Mar 26, 2019 10:41:38 AM IST (Published)
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Shares of Reliance Industries Ltd (RIL) gained over 1 percent on Tuesday, while ITC traded marginally up on report the cigarette major has sold its men's apparel brand John Players to RIL.
Shares of Reliance Industries Ltd (RIL) gained over 1 percent on Tuesday, while ITC traded marginally up on report the cigarette major has sold its men's apparel brand John Players to RIL.
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The Economic Times reported that Reliance Trends, the retail arm of RIL, and ajio.com will buy John Players from ITC in a deal worth Rs 150 crore.
Reliance Retail could add about Rs 350 crore to its retail sales with the acquisition of John Players, the report said citing people with knowledge of the matter.
The acquisition includes the brand distribution rights of John Players through 750 stores, including 65 exclusive franchise outlets, the ET report added.
At 9.42 am, RIL shares quoted at Rs 1341.50, up 1.23 percent, after opening at Rs 1330. RIL shares had closed at Rs 1325.25 on Monday.
ITC shares were at Rs 296.05, up marginally by 0.29 percent at 9.43 am.
Benchmark Sensex was higher by 105 points at 37,914, while the Nifty50 added 34 points, trading at 11,388.
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