Reliance Industries hits 11-month high; stock inches towards record high

The stock was up 1.3% at Rs 2,229, its highest level since October 2020

Shares of Reliance Industries (RIL) moved higher by 1.3 per cent, hitting a 11-month high of Rs 2,299 on the BSE in the intra-day trade on Thursday on report that the company looks to acquire Europe's largest solar panel manufacturer.

The stock was trading at its highest level since October 2020 and is 3 per cent away from its record high level of Rs 2,369, touched on September 16, 2020. In the past one month, RIL has outperformed the market by gaining 11 per cent as compared to a 9 per cent rise in the S&P BSE Sensex.

RIL, however, has clarified on the report and has said the company evaluates various opportunities on an ongoing basis. "We would like to clarify that we are unable to comment on media speculation and rumors and it would be inappropriate on our part to do so," the company said.

RIL further said there is no information which has not been announced to the stock exchanges and which should have been announced by the company in terms of the Sebi regulations.

RIL is looking to speed up its entry into the new materials and renewable energy business through fresh acquisitions. RIL Chairman Mukesh Ambani had announced that the company will be going global under its new energy business during the 44th Annual General Meeting in June this year.

RIL is believed to be closing in on a deal to buy out the REC Group, a Norway-headquartered solar module maker with links to the Chinese government-owned China National Chemical Corporation (ChemChina). The deal with RIL is estimated at around $ 1.2 billion, a Business Standard report said. CLICK HERE FOR FULL REPORT