Alok Industries, a company owned by Mukesh Ambani’s Reliance Industries, is witnessing tremendous growth these days. In today’s trading session, the stock closed at Rs 27.70 per share, up 7.36 percent. On Tuesday also a huge rise of 20 percent was seen in this stock.
Share increased by 28 percent in 5 sessions
The rising trend in the shares of Alok Industries has been going on for a long time. The stock has given a return of 28.54 percent in the last five trading sessions. The stock has increased 37 percent in the last one month. At the same time, the stock has given a return of 66.87 percent to the investors in 6 months. The stock has increased 77 percent in the last one year.
Reason for rise in shares
The reason for the rise in the stock of Alok Industries is the investment of Rs 3300 crore by the promoter company Reliance. This investment has been made through non-convertible redeemable preference shares, after which this stock has remained bullish.
Reliance bought Alok Industry in 2020
Alok Industries was purchased by Reliance Industries in 2020 in the bankruptcy process. At present, Reliance Industries holds 40.01 percent stake in Alok Industries. The remaining 34.99 percent stake is held by JM Financial Reconstruction Company.
Alok Industry is a textile company. The company deals in cotton as well as polyester segments. The company works in manufacturing leather products along with clothes. Alok Industries had recorded an income of Rs 6,937 crore in the financial year 2022-23. During this period the company had incurred a loss of Rs 880 crore.
Relian’s shares fall
In today’s trading session, Reliance’s stock saw a decline of more than one percent and it closed at Rs 2580. The stock market also closed down today. Nifty closed at 21,517 points, down 148 points or 0.69 percent.
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