Do you own this energy stock that acquired a 100 per cent stake in Metro India?
The stock hit a day high of Rs 2606.05 per share, up 0.84 percent from its previous close of Rs 2584.50 per share.
Reliance Retail Ventures Limited (RRVL), a Reliance Industries Ltd subsidiary, today finalized arrangements to purchase a 100 per cent ownership investment in METRO Cash & Carry India Pvt Ltd (METRO India) for a total cash value of Rs. 2,850 crore.
METRO India started operations in India in 2003 as the first company to introduce a cash-and-carry business format in the country. In the financial year 2022, METRO India generated sales of Rs 7,700 crore, its best sales performance since its market entry into India.
Reliance Industries Limited is a Fortune 500 company and the largest private sector corporation in India. It has diverse businesses including energy, petrochemicals, natural gas, retail, telecommunications, mass media, and textiles. On a year-over-year basis, the company delivered outstanding results. In FY21, net profit was Rs 53,223 crore, which increased significantly to Rs 67,565 crore or 26.95 per cent in FY22.
Currently, shares of Reliance Industries Ltd closed at Rs 2577.90 per share, down by 0.25 per cent. The stock hit a day high of Rs 2606.05 per share, up 0.84 percent from its previous close of Rs 2584.50 per share. Year to date, the stock has returned 8.42 per cent. Investors should keep an eye on this stock.