HomeMarket NewsStocks NewsReliance Industries bats for the bulls, extends rally for 2nd straight session

Reliance Industries bats for the bulls, extends rally for 2nd straight session

Reliance Industries Share Price: Shares of Reliance Industries Ltd (RIL) on Wednesday extended their rally for a second successive session, rising to an intraday high of Rs 2,731 levels, around Rs 20 away from its all-time high of Rs 2,751. The stock has been gaining for the last two days and has risen over 7 percent during the period.

Profile image

By CNBCTV18.com April 20, 2022, 5:38:46 PM IST (Updated)

Reliance Industries bats for the bulls, extends rally for 2nd straight session
Shares of Reliance Industries Ltd (RIL)
on Wednesday extended their rally for a second successive session, rising to an intraday high of Rs 2,731 levels, around Rs 20 away from its all-time high of Rs 2,751.

At 2:35 pm, the oil-to-telecom conglomerate's shares were trading at Rs 2,720.50, up 82.05 points, or 3.11 percent higher on BSE. It has been gaining for the last two days and has risen over 7 percent during the period.

The stock has given close to 100 percent returns in the past three years. This is in comparison to Nifty50's 46 percent gain during the same period.

Reliance Brands Ltd on Tuesday signed an agreement to invest in India's foremost couturiers Abu Jani Sandeep Khosla for a 51 percent majority stake. The couture label Abu Jani Sandeep Khosla is internationally feted for its cutting-edge quality and classically elegant style, the press release said.

Also Read | Why designer labels have caught the fancy of retail majors

"The strategic partnership is aimed at accelerating the 35-year-old couture house's growth plans in India and across the globe," the press release added.

Reliance Brands is an arm of Reliance Retail Ventures which is a subsidiary of RIL. It caters to the segments of luxury, bridge-to-luxury, high-premium and high-street lifestyle.

“With the acquisition of a stake in Abu Jani Sandeep Khosla couture brand, RBL (Reliance Brands Ltd), will be able to strengthen its play in the fast-growing luxury and retail landscape. The buyouts and stake purchases in Indian designers are part of Reliance’s plans to shore up its ethnic labels portfolio,” ICICI Direct Research said.

“Reliance is looking to sell these famous labels not only to the fashion-savvy Indian consumers but also to position them in the global market and capture a share of the global fashion retail pie,”  the brokerage added.

Catch up on all LIVE stock market highlights here.

Note To Readers

(Disclosure: Reliance Industries Ltd, which owns Jio, is the sole beneficiary of Independent Media Trust that controls Network18, the parent company of CNBCTV18.com.)

Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!