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Friday, January 28, 2022

Reliance Industries shares jump up to 3%, know the reasons for the rally

Reliance Industries Ltd RIL share price : Reliance Industries Ltd. (RIL) stock on Wednesday gained almost 3 per cent to reach Rs 2,524.35 level. However, at the end of the session, with a strength of 2.68 percent, it closed at Rs 2,520.60.

The rally in the index’s heavyweight stocks comes days after it recently bought New York’s premium luxury hotel Mandarin Oriental for $9815 million.

RIL buys luxury hotel in New York

Reliance Industrial Investments and Holdings Ltd., a wholly owned company of RIL. (RIHL) has acquired the iconic luxury hotel Mandarin Oriental in New York, established in 2003. This 248 Rooms & Suites hotel is located at 80 Columbus Circle, adjacent to the iconic Central Park and Columbus Circle.

Mandarin Oriental New York has floors 35-54 and is known for its in-demand ballroom, five star spa and dining and drinking venues including MO lounge.

The market continued to rise for the fourth consecutive day, let us know where the enthusiasm is coming from the bulls in Dalal Street

What the company said in the filing

The company said in a filing on the stock exchange on January 8 that RIIHL has entered into an agreement to purchase the entire issued share capital of Columbus Center Corporation (Cayman), a Cayman-based company formed in Iceland and the indirect owner of 73.37 per cent stake in Mandarin Oriental New York. .

Bought another hotel within a year

This is RIL’s second investment in a prestigious hotel in less than a year. In April 2021, he bought the 300-acre Stoke Park Country Club in the UK, in which two James Bond films were made. It has a stake in Oberoi Hotels and is also developing a convention centre, hotel and managed residences at the Bandra-Kurla complex in Mumbai.

Radhakishan Damani reduced stake in this healthcare company, mutual funds and FPIs also adopted the same path

Brokerage Jefferies increased the target

Meanwhile, global brokerage Jefferies has retained its buy advice on RIL shares with a target price of Rs 2,950, which is Rs 2,950 higher than the current market price of RIL. According to reports, Jefferies expects the company to grow further on the basis of retail and Jio.

Last year RIL gave 28 percent return

On Wednesday, RIL’s stock closed nearly 2.68 per cent higher at Rs 2,520.60 on the BSE and 2.67 per cent higher at Rs 2,521.10 on the NSE.

Last year, the stock gave returns of over 28 per cent to its investors, while the benchmark index Sensex gained 23 per cent during this period. Since the beginning of 2022, RIL’s stock has strengthened to 4.55 per cent.

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Shehnazhttps://www.businesskhabar.com/
Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.
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