Alok Industries share price surges 20% after Reliance Industries invests ₹3,300 crore

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Shares of Alok Industries, a textiles manufacturer, were locked in the 20% upper circuit limit in today's trade at ₹25.9 apiece. This remarkable spike in shares came after Reliance Industries invested ₹3,300 crore in the company by subscribing to preferential shares, the company said in today's regulatory filing. Also Read: Suzlon, Reliance Power to VI: These 5 penny stocks beat Nifty 50 return in 2023 The company's board in November approved the issue of preference shares to Reliance Industries at a dividend rate of 9% on a private placement basis. These preference shares will be redeemable at par at any...