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Reliance Industries on acquisition spree; stock gains nearly 1%

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Shares of Reliance Industries rose nearly one percent to hit an intraday high of Rs 2,677.55 amid positive newsflow. The gains can be largely attributed to the oil-to-telecom conglomerate announcing two acquisitions on Tuesday post market hours.

Reliance Industries on acquisition spree; stock gains nearly 1%
Shares of Reliance Industries rose nearly one percent to hit an intraday high of Rs 2,677.55 amid positive newsflow. The gains can be largely attributed to the oil-to-telecom conglomerate announcing two acquisitions on Tuesday post market hours.
At 11:42 am, shares of RIL were trading 0.4 percent higher at Rs 2,678.3.
In the past three years, shares of Nifty50-heavyweight has soared over 140 percent whereas the 50-stock index has gained only 73 percent.
This comes after NexWafe GmbH, a German manufacturer of silicon wafers for solar panels, announced the induction of RIL’s wholly-owned subsidiary -Reliance New Energy Solar Ltd (RNESL) - as a strategic lead investor in its $45 million Series C financing round with an investment of $29 million in phase one.
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Additionally, RNESL and Denmark-based Stiesdal A/S have signed a cooperation agreement for technology development and manufacturing of Stiesdal’s hydrogen electrolyzers in India, which also aided gains in the stock.
Recently, the conglomerate announced two acquisitions. RNESL acquired REC Solar Holdings from China National Bluestar (Group) Co Ltd, and RNESL planning to acquire a 40 percent stake in Sterling and Wilson Solar.
In another development, a key shareholder of Zee Entertainment Enterprises, Invesco Developing Markets Fund said that it had proposed a strategic merger of Zee Entertainment with RIL while rejecting Zee's claim that the proposed deal was dilutive for shareholders.
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(Disclosure: Reliance Industries Ltd, which owns Jio, is the sole beneficiary of Independent Media Trust that controls Network18, the parent company of CNBCTV18.com.)

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