Reliance Industries Ltd (RIL) share price rose more than 2 percent in trade today amid reports that talks between Saudi Aramco and RIL have restarted for sale of a 20 percent stake in the Indian company's oil refining and petrochemical arm.
RIL share touched an intraday high of Rs 2,045, rising 2.45% on BSE. The stock has gained 6.23% in the last 4 days. RIL share trades higher than 5 day, 20 day and 100 day moving averages but lower than 50 day and 200 day moving averages.
Market cap of the firm rose to Rs 12.75 lakh crore on BSE.
RIL share has gained 41.01% in one year and risen 1.34% since the beginning of this year.
RIL stock has gained 6.23% in the last 4 days.
In August 2019, RIL chairman Mukesh Ambani had announced talks for the sale of a 20 per cent stake in the oil-to-chemicals (O2C) business, which comprises its twin oil refineries at Jamnagar in Gujarat and petrochemical assets, to the world's largest oil exporter.
The deal which was to conclude by March 2020 has been delayed for reasons not disclosed by either company.
According to reports, the stake sale was stalled after the Saudi company sought at least 20 per cent cut in $75 billion valuation Ambani's firm was seeking.
Sources privy to negotiations said Saudi Aramco had right from the beginning resisted the $15 billion price tag Reliance had put for the 20 per cent stake in O2C business, which comprises of the company's twin refineries at Jamnagar in Gujarat, petrochemical plants and 51 per cent in fuel retailing venture.