Billionaire Mukesh Ambani’s Reliance Polyester Limited, a subsidiary of Reliance Industries announced the completed acquisition of Shubhalakshmi Polyester Limited and Shubhlaxmi Polytex Limited on March 8. Reliance confirmed the acquisition in an exchange filing.
Reliance Polyester Limited, formerly known as Reliance Petroleum Retail began the acquisition of Shubhalaxmi Polyesters for Rs 1,522 crore and Shubhlaxmi Polytex for Rs 70 crore in cash. The Competition Commission of India (CCI) approved the acquisition in October last year.
Reliance Industries has been on an acquisition spree. According to a Tracxn report, the conglomerate has made 35 acquisitions and 29 investments spending over $2.57 billion on the acquisitions. The investments are in diverse sectors such as Drones, Textiles, Energy Storage Tech, Consumer Goods and many more, either directly or through its subsidiaries.
The share price of RIL as of the March 10 closing bell is Rs 2,326 after losing 1.41% in the day’s trade.
Reliance Industries is a leading Indian conglomerate in terms of Market Capitalization with Rs 15,71,841 crore. The company has a PE(TTM) ratio of 37.90 and an ROE of 8.63%. The 52 Week range of Reliance is Rs 2,293 – Rs 2,856.15 at both extremes.
Taking a look at the technical, the price is near the pivot point of Rs 2,327.25 as per standard calculations. The support levels are Support 1- Rs 2,310.5, Support 2- Rs 2,298.3 and Support 3- Rs 2,281.55. The Resistance levels are Resistance 1- Rs 2,339.45, Resistance 2- Rs 2,356.2 and Resistance 3- Rs 2,368.4 as per Trade Brains.
The company reported a Net Profit of 6.47% in the Dec 2022 quarter. The Net Sales for the quarter stood at Rs 1,29,415 crore while the Net Profit stood at Rs 8,373 crore. The Net Profit Margin for Sep 2022 quarter stood at 4.93% with a Net Profit of Rs 6,915 crore. The Net Profit margin on a yearly basis stood at 8.44% in 2020, 11.45% in 2021, and 8.38% in 2022.
The promoters of Reliance Industries own 50.49% of the shares, FIIs hold 23.43%, DIIs hold 15.47% and the Public holds 10.61%.
Reliance Industries Limited was founded by Dhirubhai Ambani in 1958. The Mumbai headquartered company operates in diverse businesses ranging from energy, petroleum products, textiles, telecommunications, mass media, natural gas and retail. Reliance Industries is ranked 100th on the list of Fortune Global 500 list of the world’s biggest corporations in 2022.
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