RIL gains after subsidiary acquires 16% stake in US-based KTI

Reliance Industries rose 1.03% to Rs 921.40 at 9:18 IST on BSE after the company said that its subsidiary bought a 16% stake in US-based KaiOS Technologies Inc for $7 million.

The announcement was made after market hours on Friday, 9 March 2018.

Meanwhile, the S&P BSE Sensex was up 241.95 points, or 0.73% to 33,549.09.

On the BSE, 8,538 shares were traded in the counter so far compared with average daily volumes of 3.02 lakh shares in the past two weeks. The stock had hit a high of Rs 922.95 and a low of Rs 918 so far during the day. The stock hit a 52-week high of Rs 990 on 23 January 2018. The stock hit a 52-week low of Rs 617.05 on 29 March 2017.

Reliance Industries' (RIL) step-down subsidiary, Reliance Retail (RRL), has subscribed to 19.04 lakh common shares of KaiOS Technologies Inc (KTI) at $3.675 per share, for cash aggregating to $7 million, translating to 16% of equity stake of KTI on a fully diluted basis. KTI is an emerging mobile operating system technology provider incorporated in the State of Delaware, USA in 2014.

Separately, RIL said that its telecom arm Reliance Jio Infomm's (RJio) Live TV app JioTV has introduced India's first interactive sports experience for consumers watching the ongoing tri-nation Nidahas trophy which is being shown exclusively on JioTV in India. With this, JioTV consumers can interact with the game while watching it - a revolution in the Live TV space, RIL said. The announcement was made after market hours on Friday, 9 March 2018.

On a consolidated basis, RIL's net profit rose 25.53% to Rs 9445 crore on 25.69% growth in net sales to Rs 99810 crore in Q3 December 2017 over Q3 December 2016.

RIL is India's largest private sector company. The company's activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.

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