Shares of Reliance Industries continue their upward streak for the week. At 12:19 am, the scrip of RIL quoted higher by 0.94% at Rs. 2018.85, while it touched an intra-day high of Rs. 2044.5, gaining as much as 2.4%.
The gains have come in the oil to telecom conglomerate on news reports that talks between Saudi Aramco and RIL have begun again for sale of a 20 percent in the oil refining and petrochemical arm of RIL.
The shares of Reliance Industries' since Friday's ( April 23, 2021) closing price of Rs. 1904.35 has gained over 7 percent. The shares of Reliance have been trading higher than their 5-day, 20-day and 100-day moving average.
In August last year, the company's chairman Mukesh Ambani announced talks for the 20% stake sale in the O2C business. The deal was to conclude in March last year. As per reports, the talks on the stake sale were discontinued as the Saudi Arabia company sought at least 20% cut in the valuation of $75 billion, which Mukesh Ambani was seeking.