Days after the Reliance Industries Limited and UK-based gas and fuel major bp announced their joint venture in India, called Reliance BP Mobility Limited (RBML), company’s shares continued to trade higher on Monday.
In addition to this, the latest investment of Rs 730 crore by Qualcomm in Jio Platforms further pushed RIL’s share price to a record high during the early trading hours.
On Monday morning, company’s stocks jumped 3.64 per cent to a record high of Rs 1,947 on the BSE compared to the previous close of Rs 1,878.50. On the NSE, it rose by 3.70 per cent to a lifetime high of Rs 1,947.70.
However, the sharp rise in RIL’s share prices did not continue for long as at 2.07 pm, they were trading at Rs 1,916.00, higher by 2.00 per cent on the BSE, compared to the previous close of Rs 1,878.50.
On the NSE, it rose by 3.70 per cent to a lifetime high of Rs 1,947.70.
Under RIL-bp joint venture, the duo will begin selling fuels and Castro’s lubricants with immediate effect from its existing outlets, which are likely to be rebranded to Jio-bp, reports suggested.
The two firms had signed an agreement in 2019, under which the fuel major paid $1 billion for 49 per cent stake in the joint venture, leaving RIL with 51 per cent majority stake.
This venture aspires to provide Indian users with advanced fuels with low carbon solutions over time and electric vehicle charging.
Meanwhile, Reliance Industries’ digital unit Jio Platforms secured Rs 730 crore from wireless technology leader Qualcomm by selling 0.15 per cent stake, adding to a slew of investments since April that has crossed Rs 1.18 lakh crore.
With the latest investment, Reliance has sold 25.24 per cent stake in Jio Platforms Ltd. in addition to this, the oil-to-telecom conglomerate have raised over Rs 1.18 lakh crore so far.
Last month, the company became the first Indian company to cross the Rs 11 lakh crore market valuation mark.