India's Alok Industries jumps after Reliance Industries invests $396 mln

Alok Industries

02/01/2024 09:18

** Shares of textiles manufacturer Alok Industries  ALOK.NS 
jump 20% to 25.80 rupees, their highest level since May 2022
    ** Stock locked in upper circuit
    ** Reliance Industries  RELI.NS  on Tuesday said it invested
33 bln rupees  ($396.2 million) in ALOK by subscribing to
preferential shares of co
    ** Shares of RELI largely flat       
    ** ALOK approved issue of preference shares to RELI in
November 
    ** RELI, the largest shareholder of ALOK, holds a 40% stake
in co 
    ** ALOK rose ~37% in 2023 after a ~40% slump in 2022


($1 = 83.3000 Indian rupees)

 (Reporting by Nishit Navin)
 ((nishit.navin@thomsonreuters.com;))