RIL share gains 1.5% after firm buys majority stake in Netmeds

Share price of Reliance Industries (RIL) gained in early trade today after the firm's retail arm Reliance Retail acquired a majority stake in Vitalic Health and subsidiaries, collectively known as Netmeds for Rs 620 crore. RIL share price gained 1.5% or Rs 32 to Rs 2,150 against previous close of Rs 2,118 on BSE.

Reliance Industries share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. In one year, RIL share has gained 64.57% and risen 40.58% since the beginning of this year. The share has climbed 11.34% in a month.

Market cap of RIL stood at Rs 13.52 lakh crore on BSE.

The large cap stock has gained after 4 days of consecutive fall.

Total 2.12 lakh shares changed hands on BSE amounting to turnover of Rs 45.24 crore.

Reliance Industries acquires majority stake in Netmeds for Rs 620 crore

The share hit 52 week low of Rs 867 on March 23. Since then, the stock has risen 145% till date. The stock trades 3.52% away from 52-week high of Rs 2,198 reached on July 27, 2020.

The latest investment by the Mukesh Ambani-led conglomerate represents nearly 60 per cent holding in the equity share capital of Vitalic, and 100 per cent direct equity ownership of its subsidiaries Tresara Health, Netmeds Market Place and Dadha Pharma Distribution Pvt Limited, RIL said.

Incorporated in 2015, Vitalic and its subsidiaries are in the business of pharma distribution, sales, and business support services. Its subsidiary also runs an online pharmacy platform - Netmeds - to connect customers to pharmacists and enable door step delivery of medicines, nutritional health and wellness products.

Netmeds, is an e-pharma portal that offers authenticated prescription and Over the Counter (OTC) medicine along with other health products. The e-pharmacy covers more than 20,000 pin codes across India.

Mukesh Ambani's RIL plans to take over these companies in days ahead