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RIL shares hit all time high; may pick 15 20% stake in InMobi's Glance

RIL shares hit all-time high; may pick 15-20% stake in InMobi's Glance

RIL shares hit all-time high; may pick 15-20% stake in InMobi's Glance
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By CNBCTV18.com Sept 28, 2021 12:04:32 PM IST (Updated)

Shares of Reliance Industries (RIL) rose over one percent on Tuesday and hit an all-time high at Rs 2,561 today. This comes after a media report said that RIL is in talks to invest between $200 million and $250 million in InMobi's lock screen content platform Glance.

Shares of Reliance Industries (RIL) rose over one percent on Tuesday and touched an intraday high of Rs 2,561 on the BSE after a media report said that RIL is in talks to invest between $200 million and $250 million in InMobi's lock screen content platform Glance.

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At 10:00 am, the scrip was trading 1.3 percent higher at Rs 2,558. The stock also hit an all-time high at Rs 2,561 today.
Strength in shares of RIL kept the headline indices from slipping deep into the red today. The stock contributed the most to the gains in Nifty50 today.
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Glance, which is already backed by RIL's partner Google, could give the Mukesh Ambani-led company access to content on the lock screen for its upcoming Google-Jio smartphone that is expected to go on sale by October end, as per the report.
InMobi and RIL are in the early stages of discussions and the conglomerate is reportedly looking to acquire a 15-20 percent stake in Glance.
Some reports had said earlier this week, that the oil-to-telecom conglomerate could pump in as much as $300 million into Glance and the transaction could be completed in the next few weeks.
In the past three years, the stock has generated 105 percent returns while Nifty50 gave a 63.5 percent return during the same period.
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