New Delhi, Oct 11 (PTI) Shares of Sterling and Wilson Solar on Monday jumped 17 per cent after Reliance Industries announced purchase of 40 per cent stake in the Shapoorji Pallonji Group firm.

The stock zoomed 17 per cent to its 52-week high of Rs 509 on BSE.

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On NSE, it jumped 17 per cent to its 52-week high of 509.10.

Shares of Reliance Industries gained 2 per cent to its record high of Rs 2,724.70 on BSE.

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Billionaire Mukesh Ambani's Reliance Industries on Sunday announced two back-to-back acquisitions - a USD 771 million buyout of Norway-based solar panel manufacturer REC Solar Holdings and purchase of 40 per cent stake in Sterling & Wilson Solar - as the oil-to-retail conglomerate moved to create a multi-billion-dollar clean energy portfolio.

Reliance New Energy Solar Ltd (RNESL), a wholly-owned subsidiary of RIL, acquired "100 per cent shareholding of REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Co Ltd for an Enterprise Value of USD 771 million (about Rs 5,800 crore)," the firm said in a statement.

Hours later, it announced through another statement buying of a 40 per cent stake in solar engineering, procurement, construction firm Sterling and Wilson Solar in a multi-stage transaction for about Rs 2,845 crore.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)