Reliance Industries moves up on incorporating wholly-owned subsidiary in UAE
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Reliance Industries is currently trading at Rs. 2543.20, up by 20.35 points or 0.81% from its previous closing of Rs. 2522.85 on the BSE.
The scrip opened at Rs. 2549.90 and has touched a high and low of Rs. 2551.00 and Rs. 2540.30 respectively. So far 9954 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2565.00 on 28-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. 2565.00 and Rs. 2475.50 respectively. The current market cap of the company is Rs. 1705968.83 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 has incorporated a wholly-owned subsidiary namely ‘Reliance International’ in Abu Dhabi Global Market, the United Arab Emirates (UAE) to undertake activities relating to, amongst others, trading of crude oil, petroleum products, petrochemicals, and agricultural commodities. The company has invested Rs 7.42 crore or $1 million in cash in 10 lakh equity shares of $1 each of Reliance International.
The plans follow an announcement in June that the Indian conglomerate will invest in projects of Abu Dhabi National Oil Company to produce chemicals that can be used for infrastructure and consumer goods.
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.
