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.