Investors were bullish on Reliance Industries (RIL) stock price to the point that the upside in the heavyweight even limited the losses of benchmarks on Tuesday. RIL has gained by nearly 1.4% with an intraday high of Rs1923.50 per piece on Sensex’s early deals. RIL continues to stay among the top-performing stocks.
At around 10.53 am, RIL was trading at Rs1918.75 per piece up Rs21.75 or 1.15% on Sensex. RIL is the most valued company on Dalal Street in terms of market valuation.
At the current price, RIL’s market capitalisation stood over Rs12.16 lakh cr.
The RIL’s bullish stock performance comes despite e-commerce giant Amazon writing the market regulator to suspend the review of the Rs 24,713cr Future Group and RIL deal.
As per a PTI report, Amazon has written to Sebi yet again, apprising the market regulator of the formation of the arbitration tribunal at SIAC while urging it to suspend the review of the Rs 24,713 crore Future-RIL deal. It has also filed an appeal with the Division Bench of the Delhi High Court against the December 21 order of the single-member bench, according to sources.
Last year on December 21, the Delhi HC’s order said that Future Retail Board Resolution approving scheme and sale of the business to Reliance is valid and following statutory provisions.
The Delhi HC states that the FRL – Reliance Retail deal is not void as claimed by Amazon.
The statutory authorities (Sebi) are directed to decide on the applications/objections following the law, the Court had stated.
However, that time, while the Delhi HC cleared the way for FRL and Reliance deal, notably, the court has also rejected Future Group’s plea of restraining Amazon from writing to regulatory authorities.