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Reliance Industries on Spree acquisition;  Stocks gain almost 1%

Reliance Industries shares rose nearly 1% to an intraday high of Rs 2,677.55 amid positive news. The gains can be largely attributed to the oil and telecom conglomerate which announced two after-hours acquisitions Tuesday.

At 11:42 am, RIL shares were trading up 0.4% to Rs 2,678.3.

Over the past three years, Nifty50-heavyweight shares have climbed over 140% while the 50-stock index has gained only 73%.

This comes after NexWafe GmbH, a German manufacturer of silicon wafers for solar panels, announced the induction of the wholly owned subsidiary of RIL – Reliance New Energy Solar Ltd (RNESL) – as a lead strategic investor in its $ 45 million Series C financing round with an investment of $ 29 million in the first phase.

Recently, the conglomerate announced two acquisitions. RNSL has acquired REC Solar Holdings from China National Bluestar (Group) Co Ltd, and RNSL plans to acquire a 40 percent stake in Sterling and Wilson Solar.

In another development, a key shareholder of Zee Entertainment Enterprises, Invesco Developing Markets Fund, said it proposed a strategic merger of Zee Entertainment with RIL while rejecting Zee’s claim that the proposed deal was dilutive for shareholders.