INSUBCONTINENT EXCLUSIVE:
Reliance share: Reliance Industries market capitalisation crossed Rs 16 lakh crore.HighlightsRIL share price jumped as much as 4% RIL
shares have advanced 25% so far this year RIL was top gainer in Nifty 50 indexShares of the country's most valuable company, Reliance
Industries, rose as much as 3.83 per cent to hit record high of Rs 2,479.85 after the company post market hours on Friday informed exchanges
that it has acquired stake in Strand Life Sciences
Reliance Industries subsidiary Reliance Strategic Business Ventures acquired 2.28 crore shares in Strand Life Sciences for a consideration
of Rs 393 crore.Strand was incorporated in India on October 6, 2000
Strand is a pioneer of genomic testing in India with bioinformatics software and clinical research solutions to healthcare providers
including clinicians, hospitals, medical devices manufacturers and pharmaceutical companies, Reliance Industries said in a an exchange
filing.Reliance Industries will further make an investment of Rs 160 crore by March 2023 and the total investment will translate into 80.3
per cent stake in Strand, the Mukesh Ambani-led company said."Strand's turnover was Rs 88.70 crore, Rs 109.84 crore and Rs 96.60 crore, and
net profit (loss) of Rs 8.48 crore, Rs (25.04) crore and Rs (21.66) crore in FY 2021, FY 2020 and FY 2019 respectively
The aforesaid investment is part of group's digital health initiatives, to foster affordable access to world class technology and innovation
led healthcare ecosystem in India," Reliance Industries said.With today's surge in Reliance Industries share price, its market
capitalisation crossed Rs 16 lakh crore at the day's highest level, data from BSE showed.Reliance Industries shares have so far this year
advanced 25 per cent, outperforming the Sensex which has advanced 22.54 per cent.As of 12:14 pm, Reliance Industries was top Sensex gainer,
with a gain of 2.22 per cent
Reliance Industries alone contributed 140 points towards the Sensex.
