RIL inches higher on completion of stake sale in African company

NEW DELHI: Share of Reliance Industries (RIL) were trading higher on Thursday after the oil-to-telecom conglomerate said it has completed sale of its entire 76 per cent interest in its East African company GAPCO to Total SA of France for an undisclosed sum.

The scrip was trading 0.61 per cent up at RS 1,262.40 around 10.10 am (IST). Shares of the company opened at Rs 1,255 and touched a high and low of Rs 1,267.40 and Rs 1,254.05, respectively.

Shares of RIL hit their fresh 52-week high and 52-week low of Rs 1,326.75 on March 7, 2017 and Rs 925.70 on May 23, 2017.

Gulf African Petroleum Corp (GAPCO) is a holding company with operating subsidiaries in Tanzania, Kenya and Uganda which are primarily engaged in petroleum product import, and trading, storage, distribution, marketing, supply and transportation of oil products in East Africa.

In addition to this, the company’s telecom venture Reliance Jio is closing in on 50 million paid users, days before its free voice, free-data offer ends.

Out of 100 million-plus free subscribers, nearly 50 million have signed up for its ‘Prime’ membership by paying a one-time charge of Rs 99 and buying data packs.

On the BSE, 38,000 shares were traded on the counter around 10.15 am (IST) as against the average daily volumes of 396.05 lakh shares in the past two weeks.