Reliance Industries gained 0.66% to Rs 987.75 at 10:05 IST on BSE after the company said that it formed a global partnership with GE to drive digital transformation in the industrial world.
The announcement was made after market hours yesterday, 17 November 2016.Meanwhile, the BSE Sensex was down 19.85 points, or 0.08%, to 26,207.77.
On BSE, so far 27,200 shares were traded in the counter, compared with average daily volume of 4.15 lakh shares in the past one quarter. The stock hit a high of Rs 988.25 and a low of Rs 982.90 so far during the day. The stock hit a 52-week high of Rs 1,128.90 on 26 September 2016. The stock hit a 52-week low of Rs 888.50 on 12 February 2016. The stock underperformed the market over the past one month till 17 November 2016, sliding 7.44% compared with 4.73% decline in the Sensex. The scrip, however, outperformed the market in past one quarter, falling 3.22% as against Sensex's 6.35% decline.
The large-cap company has equity capital of Rs 3243.25 crore. Face value per share is Rs 10.
Reliance Industries (RIL) announced the signing of a global partnership agreement in the Industrial IOT (IIOT) space whereby RIL and GE will work together to build out joint applications on GE's Predix platform. The partnership marks the coming together of two of the world's largest industrial conglomerates to provide Industrial IOT solutions to customers in oil & gas, fertilizer, power, healthcare, telecom and other industries.
GE, the world's digital industrial company will provide its Predix cloud offering, Industrial Internet applications and data science expertise. RIL will develop solutions on Predix as an Independent Software Vendor (ISV), bringing to bear its over 30 years of data, process and operational expertise. RIL will also offer nationwide connectivity infrastructure to customers through a 4G network powered by Jio. GE would offer the security, availability and monitoring aspects of the platform to RIL and its customers. The potential for other revenue streams includes telecom, healthcare and agriculture. . According to Gartner, there exists a market opportunity of over $25 billion by 2022 for IIoT solutions across the four key industries of oil & gas, power, healthcare and transportation.
Reliance Industries' consolidated net profit fell 22.9% to Rs 7206 crore on 8.3% increase in net sales to Rs 76161 crore in Q2 September 2016 over Q2 September 2015.
RIL is a diversified firm having presence in oil exploration, petrochemicals, retail and telecom sectors.
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