Shares of Reliance Industries were back in the green on Monday halting the stock’s two-session losing streak.
What Happened: The conglomerate on Friday announced the appointment of Srikanth Venkatachari as the new Chief Financial Officer. He will be replacing Alok Agarwal, who will now take the role of Senior Advisor to Mukesh Ambani. Agarwal was appointed the CFO in 2005.
The company also announced the launch of its personal and home care products last week. The company has launched products including, including bathing and washing soaps, toilet and floor cleaners, and detergents. Currently, the products are available in select markets, but the company plans to scale it to pan India within the next few months.
The company has however not released comprehensive pricing for the products, but markets experts believe that it will be undercutting competitors’ prices by 30-35%. The company looks to start a price war similar to the one it recently started in the cola segment.
Despite all the launches the company has been having a rough time at the bourses this year. The company has seen its shares fall over 13% year-to-date. However, most analysts have remained strongly bullish on the stock.
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Price Action: Reliance shares were trading 1.51% higher in the late hours of trading on Monday.
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