Reliance Industries Ltd (RIL) stock rose over 2 per cent in a volatile market today after Reliance Brands Limited (RBL) inked a joint venture arrangement with Plastic Legno SPA to strengthen the toy manufacturing ecosystem in India.
RBL will buy a 40 per cent stake in Plastic Legno SPA's toy manufacturing business in India. Plastic Legno SPA is owned by the Sunino Group that boasts over 25 years of toy output experience in Europe.
The share of parent company RIL rose 2.18 per cent to Rs 2,689 today against the previous close of Rs 2,632.20 on BSE.
The large-cap share has gained after 2 days of consecutive fall. RIL share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
RIL stock has gained 21.74 per cent in one year and risen 13.17 per cent since the beginning of this year.
Total 0.57 lakh shares of the firm changed hands amounting to a turnover of Rs 15.36 crore on BSE. The market cap of the conglomerate stood at Rs 18.19 lakh crore
The share hit a 52-week high of Rs 2,855 on April 29, 2022, and a 52-week low of Rs 2016 on July 28, 2021.
Reliance Brands already has a strong presence in the Indian toy industry with its portfolio of Hamleys, the British toy retailer and homegrown toy brand - Rowan.
"We are very privileged to have RBL as a partner in this Joint Venture. We are confident that Plastic Legno's experience in Toys production and Hamley's commercial outreach, will complement one another to enable the JV Company to achieve greater heights and successes," said Paolo Sunino, Co-owner, Sunino Group.
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