Rain Industries is in the limelight today after it announced that yesterday, it incorporated a new wholly owned subsidiary – Rain Verticals.

With a paid-up capital of Rs.10 lakh, this subsidiary has been formed to carry on the business of Vertical Farming, Research and Development for development of Vertical Farming and Lithium Ion High Energy Density Cells and undertake operations in Logistics.

The company is to yet commence any operations.

The market is seemingly happy with this news as the stock opened 1% higher at Rs.152.50 and went up to hit an intraday high at Rs.164.60, not too far from its 52-week high of Rs.175.35. Its 20% UC for the day is at Rs.181.05.