Mukesh Ambani-led Reliance Industries-backed Alok Industries shares jumped 8.5% on Wednesday to ₹8.50 apiece, extending their gains to the third consecutive trading session. The textile stock has gained more than 20% over the three sessions, despite remaining sharply lower across longer timeframes.
Alok Industries shares have gained 15% in one week and 8% in one month. However, the stock has declined 36% in three months, 36% in six months, 53% in one year and 66% in five years.
The stock hit a 52-week high of ₹18.46 in October last year, while its 52-week low of ₹6.92 was recorded earlier this month on October 1.
Alok Industries is a vertically integrated textile manufacturer with a presence across the cotton and polyester value chains. Based in Dhirubhai Ambani Knowledge City, Navi Mumbai, the company currently operates under the Reliance Industries group.
Reliance Industries Limited holds an unchanged 40.01% equity stake in Alok Industries, amounting to 1,98,65,33,333 equity shares. The remaining 28.07% equity is distributed among public retail investors, foreign institutional investors and domestic institutional investors.