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RIL share price jumps 8% as firm likely to buy Netmeds

Reliance Industries share opened at Rs 2,017 and later touched an intraday high of Rs 2,167, rising 7.89% against the earlier close of Rs 2,008.45 on BSE. RIL stock has gained after 2 days of consecutive fall

twitter-logoBusinessToday.In | August 4, 2020 | Updated 20:20 IST
RIL share price jumps 8% as firm likely to buy Netmeds
RIL share price stands 2.2% away from all-time high of Rs 2,198.7.

Reliance Industries shares were top gainers on both Sensex and Nifty today rising nearly 8% intra day 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 2,167, rising 7.89% against the earlier close of Rs 2,008.45 on BSE. RIL stock has gained after 2 days of consecutive fall. RIL share price stands 2.2% away from all-time high of Rs 2,198.7.

RIL share price stands higher than 20, 50, 100 and 200-day moving averages but lower than 5-day moving averages.

Market cap of Reliance Industries rose to Rs 13.63 lakh crore as of today's session. The stock price of the index heavyweight has gained 20.34% in one month and gained 42.07% since the beginning of the year. In one year, the share rose 81.65%.

Total 20.53 lakh shares changed hands amounting to turnover of Rs 431.31 crore on BSE.

On  July 27 this year, RIL share climbed to all time high of Rs 2,198.70.

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.

Financials

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.

Company's net profit for the latest quarter was up 30.97% YoY at Rs 13233.0 crore.

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