Reliance Industries gains as its arm to launch chain of ethnic wear stores with ‘Avantra’
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Reliance Industries is currently trading at Rs. 2444.65, up by 20.10 points or 0.83% from its previous closing of Rs. 2424.55 on the BSE.
The scrip opened at Rs. 2429.10 and has touched a high and low of Rs. 2445.65 and Rs. 2412.00 respectively. So far 37715 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2479.85 on 06-Sep-2021 and a 52 week low of Rs. 1830.00 on 29-Jan-2021.
Last one week high and low of the scrip stood at Rs. 2479.85 and Rs. 2130.00 respectively. The current market cap of the company is Rs. 1639497.68 crore.
The promoters holding in the company stood at 50.59%, while Institutions and Non-Institutions held 38.38% and 11.03% respectively.
Reliance Industries’ subsidiary -- Reliance Retail is set to launch a chain of stores under the brand name of ‘Avantra’ that will sell ethnic wear and saree to take on Tata Group’s Tanishq, which recently forayed into the ethnic wear space, and Aditya Birla Fashion Retail (ABFRL). The company’s move comes against the backdrop of Tanishq, which is primarily a jewellery brand, foraying into the ethnic wear space. Aditya Birla’s ABFRL, too, has shown a strong interest in the segment by snapping up significant stakes in domestic designer wear labels such as Sabyasachi and Tarun Tahiliani.
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.
