Reliance Industries trades marginally higher as its arm to acquire 17% stake in Glance
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Reliance Industries is currently trading at Rs. 2343.30, up by 4.50 points or 0.19% from its previous closing of Rs. 2338.80 on the BSE.
The scrip opened at Rs. 2352.00 and has touched a high and low of Rs. 2358.55 and Rs. 2335.85 respectively. So far 56068 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2750.00 on 19-Oct-2021 and a 52 week low of Rs. 1877.60 on 22-Apr-2021.
Last one week high and low of the scrip stood at Rs. 2397.40 and Rs. 2300.00 respectively. The current market cap of the company is Rs. 1588587.73 crore.
The promoters holding in the company stood at 50.61%, while Institutions and Non-Institutions held 38.54% and 10.85% respectively.
Reliance Industries’ wholly-owned subsidiary -- Jio Platforms (Jio) is all set to acquire about 17 per cent stake in SoftBank-backed Inmobi's Glance platform for $200 million (about Rs 1,500 crore). The proposed deal values the company at $1.8 billion. The company will be integrated into the revolutionary Pragati OS, which has been co-developed by Jio Platforms and Google, to bring live content on lock screen for millions of Jio users.
Glance, which provides mobile lock screen content, including videos and advertisements, will use the funds to double down on growth in Asia as well as launch in key global markets, including the US, Brazil, Mexico and Russia.
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.
