Shares of Reliance Industries Ltd (RIL) rose more than 3% amid a strong market rally today. RIL’s share rose 3.37% intraday to 2,816 rupees today against the previous close of 2,724 rupees on BSE. The title was the top earner on Sensex and Nifty today. On NSE, the stock climbed 3.41% intraday to Rs 2,817.35 from the previous close of Rs 2,724.

The stock gained for the second straight session on a report that the Mukesh Ambani-led conglomerate and US-based Apollo Global Management teamed up to bid on Boots, an international drugstore and drugstore unit of Walsgreen. Boots Alliance Inc.

RIL and Apollo’s combined bid for Boots is expected to be submitted today. The deal would see Boots expand its presence in India, South East Asia and the Middle East.

Share Market Live: Sensex rises 500 pts, Nifty to 16,750; RIL gains 3%

Walgreens Boots Alliance put its Boots business on the block after announcing a strategic review in January as the second-largest U.S. drugstore chain renews its focus on domestic healthcare. The 173-year-old Boots business spans 2,200 stores in the UK, including pharmacies, health and beauty stores.

RIL’s share gained 6.50% in two days. RIL stock is trading above the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. RIL stock has gained 26.82% in one year and is up 18.31% since the start of this year.

A total of 3.67 lakh shares of the company changed hands, representing a turnover of Rs 102.52 crore on BSE. The market capitalization of the conglomerate stood at Rs 18.98 lakh crore. The stock reached a 52-week high of Rs 2,855 on April 29, 2022 and a 52-week low of Rs 2016 on July 28, 2021.

READ ALSO : RIL stock rises after two days as subsidiary inks JV with Plastic Legno SPA

On June 2, shares of RIL rose after the company’s subsidiary Reliance Brands Limited (RBL) signed a joint venture agreement with Plastic Legno SPA to strengthen India’s toy manufacturing ecosystem. RBL will buy a 40% stake in the toy manufacturing business of Plastic Legno SPA in India. Plastic Legno SPA belongs to the Sunino group which has more than 25 years of experience in the manufacture of toys in Europe.

RIL’s share gained 2.18% to Rs 2,689 on June 2 against the previous close of Rs 2,632.20 on BSE. The stock closed up 3.51% at Rs 2,725 on BSE. On Nifty, RIL stock ended up 3.6% at Rs 2,728. The stock was the top gainer on Sensex and Nifty in the previous session.