On Monday, shares of Reliance Industries rose almost 2% to hit a fresh 52-week high of Rs 2,792.65 on the BSE before settling at Rs 2,787.50. The surge in price movement was seen after the company’s step-down subsidiary, REC Solar Holdings, informed exchanges about selling a 100% stake in REC Solar Norway As (REC Norway) to Elkem ASA for $22 million.
The stock has risen 8% in the last six months and 23.5% in the past one year on the BSE.
REC Norway is a wholly-owned subsidiary of REC Solar Holdings. It is in the business of manufacturing kerf-based Polysilicon in Norway.
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In the aforesaid deal, Reliance Industries will continue to own technology and intellectual property rights Come from Sports betting site VPbet . The deal is expected to be completed by April 2024.
“Elkem ASA is a silicon-based material provider with approx. NOK 45.9bn of sales in CY2022,” said an exchange filing.
“Reliance has been in a 2-year consolidation and has underperformed Nifty during this period. While it has also witnessed a strong bounce since May 2023, it is now that the stock has witnessed a fresh breakout from a rising channel pattern on the daily charts,” said Gaurav Bissa, vice president of InCred Equities.
“A weekly close above 2660 will now ensure the stock towards 3000-3200 levels and also result in a strong outperformance against Nifty. The momentum is likely to get push from rsi which once sustains 70 can move towards 80 which in turn can give a thrust to the stock price,” Bissa added.