Why Reliance Industries stock is top gainer for the second straight session today

Shares of Reliance Industries Ltd (RIL) rose over 3 per cent amid a strong market rally today. RIL share rose 3.37 per cent intraday to Rs 2,816 today against the previous close of Rs 2,724 on BSE. The stock was the top gainer on both Sensex and Nifty today.  On NSE, the stock climbed 3.41 per cent intraday to Rs 2817.35 against the previous close of Rs 2724.

The stock gained for the second straight session on a report that the Mukesh Ambani-led conglomerate and US-based Apollo Global Management have joined hands to bid for Boots, an international chemist and drugstore unit of Walsgreen Boots Alliance Inc.

The combined bid from RIL and Apollo for Boots is likely to be submitted today. The deal would see Boots expand its presence into India, Southeast Asia and the Middle East.

Share Market Live: Sensex rises 500 pts, Nifty at 16,750; RIL gains 3%

Walgreens Boots Alliance put its Boots business on the block after announcing a strategic review in January as the second-largest US pharmacy chain renews its focus on domestic healthcare. The 173-year-old Boots business spans across 2,200 stores in the United Kingdom, including pharmacies, health and beauty stores.

RIL share has gained 6.50 per cent in two days. RIL stock is trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages. RIL stock has gained 26.82 per cent in one year and risen 18.31 per cent since the beginning of this year.

Total 3.67 lakh shares of the firm changed hands amounting to a turnover of Rs 102.52 crore on BSE. The market cap of the conglomerate stood at Rs 18.98 lakh crore The share hit a 52-week high of Rs 2,855 on April 29, 2022, and a 52-week low of Rs 2016 on July 28, 2021.

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On June 2, RIL stock rose after the firm's subsidiary Reliance Brands Limited (RBL) inked a joint venture arrangement with Plastic Legno SPA to strengthen the toy manufacturing ecosystem in India. RBL will buy a 40 per cent stake in Plastic Legno SPA's toy manufacturing business in India. Plastic Legno SPA is owned by the Sunino Group that boasts over 25 years of toy output experience in Europe.

RIL share gained 2.18 per cent to Rs 2,689 on June 2 against the previous close of Rs 2,632.20 on BSE. The stock closed 3.51 per cent higher at Rs 2,725 on BSE. On Nifty, RIL stock ended 3.6 per cent higher at Rs 2,728. The stock was the top gainer on both Sensex and Nifty in the previous session.