Reliance Industries gains on acquiring banking shares

Reliance Industries is currently trading at Rs. 697.05, up by 2.40 points or 0.35% from its previous closing of Rs. 694.65 on the BSE.

The scrip opened at Rs. 693.00 and has touched a high and low of Rs. 703.40 and Rs. 688.80 respectively. So far 393410 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 967.90 on 03-Jun-2011 and a 52 week low of Rs. 671.00 on 08-May-2012.

Last one week high and low of the scrip stood at Rs. 722.00 and Rs. 671.00 respectively. The current market cap of the company is Rs. 227920.17 crore.

The promoters holding in the company stood at 44.75% while Institutions and Non-Institutions held 28.26% and 23.54% respectively.

Mukesh Ambani-led Reliance Industries has acquired shares in giants including HDFC, ICICI Bank and Axis Bank as part of long-term investments. It is also waiting for regulatory approvals for its foray into financial services sector. These financial investments, estimated to be worth over Rs 1,200 crore, include purchase of shares of six banks three each from the public and private sectors and one housing finance major, HDFC.

The acquired shares are classified as long-term investments of the country's biggest private sector company in its annual report for the year 2011-12.

RIL aims to build a leading financial services business in India and announced JV for the same in March 2011. This JV is awaiting necessary regulatory approvals for the commencement of business activities.