Shares of Reliance Industries Ltd RIL were trading flat in early trade even as the conglomerate's retail venture Reliance Retail said it will bring the products of American fashion brand Gap to India through a long-term franchise agreement. Reliance Retail has become the official retailer for Gap across all channels in India with a partnership.
The US financial services firm said investors were concerned about the diesel export tax. It expects strong first quarter earnings driven by O 2 C.
The brokerage sees diesel export tax as a one-off, but it doesn't have visibility as to what would drive it lower. It does not see a bigger impact on the firm's other businesses.
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The partnership aims to increase local production, leverage Gap's position as a top casual lifestyle brand and Reliance Retail's proven capabilities in running strong omnichannel retail networks.
The shares of Reliance Industries were trading 0.66 per cent less than the previous close of Rs 2,411 at Rs 2,396. 95 on the BSE.
Reliance Industries stock is trading lower than the 50 day, 20 day, 50 day, 100 day and 200 day moving averages.
The RIL share has gained 13.55 per cent in a single year, and has gone up 1.18 per cent since the beginning of the year. The firm's total changed hands of 1.81 lakh shares with a turnover of Rs 43.40 crore on the BSE.
ALSO READ: Reliance Industries shares plunged over 8%, here's why.
The market cap of the conglomerate was 16.20 lakh crore. The share hit a 52 week high of Rs 2,855 on April 29, 2022 and a 52 week low of Rs 2, 016 on July 28, 2021.