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Published on 1/03/2021 8:56:59 AM | Source: Accord Fintech

Reliance Industries moves up as its arm raises stake in skyTran Inc to 54.46%

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Reliance Industries is currently trading at Rs. 2095.80, up by 11.95 points or 0.57% from its previous closing of Rs. 2083.85 on the BSE.

The scrip opened at Rs. 2114.45 and has touched a high and low of Rs. 2114.45 and Rs. 2088.95 respectively. So far 14828 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2368.80 on 16-Sep-2020 and a 52 week low of Rs. 867.45 on 23-Mar-2020.

Last one week high and low of the scrip stood at Rs. 2152.25 and Rs. 1995.10 respectively. The current market cap of the company is Rs. 1409113.46 crore.

The promoters holding in the company stood at 50.54%, while Institutions and Non-Institutions held 38.28% and 11.19% respectively.

Reliance Industries’ subsidiary -- Reliance Strategic Business Ventures has raised its shareholding in investee company skyTran Inc to 54.46 percent, acquiring additional equity stake for consideration of $26.76 million (Rs 196.9 crore). A technology company incorporated under the laws of Delaware, US, skyTran has developed breakthrough passive magnetic levitation and propulsion technology for implementing personal transportation systems aimed at solving the problem of traffic congestion globally. Acquiring majority equity stake in skyTran reflects the company's commitment to invest in building futuristic technologies that would transform the world.

Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.

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