Shares of Reliance Industries (RIL) set a new all-time high of Rs 2,477.70 and are up 4% on the BSE in early morning sessions on Monday. After market hours on Friday, the company announced that its subsidiary had purchased a majority stake in Strand Life Sciences Pvt Ltd’s genomic testing business for Rs 393 crore.
Reliance Strategic Business Ventures Ltd claimed in a recent stock exchange filing that the acquisition is part of the company’s digital health initiatives. “RSBVL, a wholly owned subsidiary of RIL, has bought 22.8 million equity shares of Strand Life Sciences Private Limited, each worth Rs 10,” it added.
By March 2023, a further investment of up to Rs 160 crore is projected to be completed. The investment is part of the group’s digital health ambitions, which aim to provide India with affordable access to world-class technology and an innovation-driven healthcare environment. The investment does not require any government or regulatory permits, according to the business.
For the fourth trading session in a row, the stock has risen in price. The stock has risen 15% in the last two weeks from its August 23 low of Rs 2,162.40. RIL’s stock price surpassed its previous high of Rs 2,368.80 set on September 16, 2020 on Friday.
Meanwhile, with better mobility, solid domestic pet-chem demand, and a container bottleneck, RIL is optimistic about the O2C margin outlook. Higher output could boost upstream’s earnings contribution.
With operational store hours at 38% in June 2021 and more openings in July 2021, the management sees signs of retail relaxing. 700 more stores are set to open in the near future. JioFiber already has 3 million customers and provides access to 12 million businesses. DoT has granted Jio 100 MHz in the 3GPP band n78 for 5G experiments. Jio-Azure cloud data centres with a capacity of 10 MW have been operationalized by RIL and Microsoft. According to the brokerage business, Jio’s spectrum investments have generated the capacity to onboard the next 200 million customers.
As Reliance stocks rise, Ambani’s net worth approaches $100 billion
Mukesh Ambani, chairman of Reliance Industries, increased his net worth by $3.7 billion after RIL’s stock price increased by more than 4% on Friday. Mukesh Ambani’s net worth has risen to $92.60 billion, according to Bloomberg Billionaires Index, after a strong gain in Reliance Industries share price on Friday. This is roughly $10 billion less than Warren Buffett’s net worth of $102.6 billion. Mukesh Ambani, the chairman of RIL, is closely followed by Francoise Bettencourt Meyers, the CEO of L’Oreal, who has a net worth of $92.9 billion according to the Bloomberg Billionaires Index.
Following Bharti Airtel’s announcement of an ARPU (Average Revenue Per User) of 200, Indian markets assessed Reliance Jio’s ARPU at 160 to 170, resulting in a jump in Reliance Jio market values.
Where is Strand Life Sciences headquartered?
Strand Life Sciences, originally Strand Genomics, is an in silico technology business situated in Bengaluru, India.
What does Strand Life Sciences do?
Strand develops software and services for life sciences research using data mining, predictive modelling, computational chemistry, software engineering, bioinformatics, and research biology.