For the second straight session on Monday, the shares of Reliance Industries hit a new life high of Rs 2479.85 per share after surging by around 4 per cent on the BSE intraday trade. The stock breached its earlier high of Rs 2388 per share that it accomplished on September 3, 2021, at the market close.

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The counter in the last two sessions has jumped over 8 per cent from Rs 2293.65 per share on Thursday’s closing price. Reliance aided the most to Nifty Index, which is up a quarter percent intraday.

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The stock in the last one month has outperformed the benchmarks by surging around 19 per cent as compared to a near 8 per cent rise in the BSE Sensex. Moreover, it has also been gaining for the last five sessions and has grown around 10 per cent during the same period on Friday. 

Reliance Industries wholly-owned subsidiary Reliance Strategic Business Ventures Limited (RSBVL) has acquired 2,28,42,654 equity shares of Rs10 each of Strand Life Sciences Private Limited for a cash consideration of Rs 393 crores, the company said in filing on Friday.

A further investment of up to Rs 160 crore is expected to be completed by March 2023. The total investment will translate into over 80 per cent of equity share capital in Strand on a fully diluted basis, it informed exchanges in a filing

Strand Life’s acquisition adds another stack to digital health ecosystem plans; RIL has completed $4 billion in acquisitions in the last four years, says Morgan Stanley while maintaining an Overweight call with target price of Rs 2,269 per share.

The stock is also most gainer on benchmark indices powering the overall surge in the market, as BSE Sensex breaches 58,500-mark, while Nifty50 hovering around at 17350-level intraday today.  

The counter at around 12:17 pm has been trading near record high level at 2439 per share, up over 2 per cent on the BSE as compared to 0.25 per cent rise in the S&P BSE Sensex.