Reliance Industries rose 0.63% to Rs 933.40 at 09:34 IST on BSE after the company announced strategic investment in Embibe to form India's largest Artificial Intelligence-based education platform.
The announcement was made before market hours today, 13 April 2018.Meanwhile, the S&P BSE Sensex was up 86.93 points, or 0.25% to 34,188.06.
On the BSE, 27,000 shares were traded in the counter so far compared with average daily volumes of 3.72 lakh shares in the past two weeks. The stock had hit a high of Rs 934 and a low of Rs 929.10 so far during the day. The stock hit a record high of Rs 990 on 23 January 2018. The stock hit a 52-week low of Rs 647.50 on 24 May 2017.
The large-cap company has equity capital of Rs 6335.11 crore. Face value per share is Rs 10.
Reliance Industries (RIL) executed definitive agreements to acquire majority shareholding constituting 72.69% (on fully diluted basis) from existing investors of Indiavidual Learning (Embibe), a leading Artificial Intelligence (AI) based education platform leveraging data analytics to deliver personalized learning outcomes to each student.
RIL has agreed to invest upto rupee equivalent of $180 million into Embibe, (including consideration to be paid for acquiring majority stake from existing investors) over the next three years.
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Embibe will use the capital over the next three years towards deepening its R&D on AI in education, as well as business growth and geographic expansion, catering to students across K-12, higher education, professional skilling, vernacular languages and all curriculum categories across India and internationally.
Akash Ambani, Director, Reliance Jio, said RIL aims to connect over 1.9 million schools and 58,000 universities across India with technology.
On a consolidated basis, RIL's net profit rose 25.53% to Rs 9445 crore on 25.69% growth in net sales to Rs 99810 crore in Q3 December 2017 over Q3 December 2016.
RIL is India's largest private sector company. The company's activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.
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