PM Narendra Modi slams Congress over farm laws, says burning of tractor 'an insult to farmers'||MINOR GIRL RAPE CASE; TRS LEADER ARRESTED, AROUND HYDERABAD PROTEST BROKE OUT||What Is BJP's New Strategy In Two Telugu States?||Karnataka Bandh: Protests against farm laws across state; JD(S) workers hold bike rally in Shivamogga||Covid-19 India Reports : 85,362 New Cases, 1,089 Deaths in 24 hours; tally breaches 59-lakh mark||Sushant Singh Rajput Death Case: Deepika Padukone, Shraddha Kapoor reaches NCB office, Probe On In Alleged 'Drugs Case'||Legendary playback singer SP Balasubrahmanyam passes away at 74||Manish Sisodia, Admitted To Hospital With COVID-19, Also Has Dengue||Congress's Salman Khurshid Named In Delhi Riots Chargesheet||Testing, Tracing, Treatment: Prime Minister Narendra Modi's Message To States Hit Worst By Covid
Breaking News

Reliance Industries share price jumps 5% as firm likely to buy Netmeds

Reliance Industries shares were trading as top gainers on both BSE and NSE, rising over 5% amid reports that the oil conglomerate would soon acquire Chennai-based Netmeds as part of its broader consolidation in the pharma e-commerce industry. Reliance’s entry through this yet-to-be-announced deal with Netmeds is expected to around $120 million.

Following the news, Reliance shares opened at Rs 2,017 and later touched an intraday high of Rs 2,121.7, rising 5.64% against the earlier close of Rs 2,008.45 on BSE. RIL stock has gained after 2 days of consecutive fall. RIL share price is trading 4.4% away from a 52-week high of Rs 2,198.7.

RIL share price trades higher than 20, 50, 100, and 200-day moving averages but lower than 5-day moving averages.

The market cap of Reliance Industries rose to Rs 13,38,121.50 crore as of today’s session. The stock price of the index heavyweight has gained 18% in one month and almost 40% since the beginning of the year.

As per media reports, other online pharma players such as Mumbai-based PharmEasy and its Bengaluru-based rival Medlife are also looking to explore merger and acquisition negotiations, through a primarily stock deal valued at $120-150 million.

Reliance Industries’ consolidated sales fell 52% to Rs 88253.0 crore for the quarter ended 30-Jun-2020, from the previous quarter’s Rs 1,36,240.0 crore and down 43.78% from the year-ago quarter’s Rs 1,56,976.0 crore.

The company’s net profit for the latest quarter was up 30.97% YoY at Rs 13233.0 crore.

You might also like More from author

Leave A Reply

Your email address will not be published.