Shares of Reliance Industries Ltd jumped as much as 2.7 per cent to Rs 1,236.80, their highest ever.
According to a media report, China's Alibaba Group Holding Ltd may invest at least $5 billion in Reliance Retail to form a joint venture. Goldman Sachs is advising Alibaba on the proposed joint venture, it added.
The report on the joint venture will definitely move the stock up, says Harshvardhan Dole, an analyst at IIFL, adding that the details of the joint venture were awaited.
Reliance Industries and Goldman Sachs spokespersons did not offer any comment immediately, while Alibaba officials were not reachable.
Around 4.9 million shares exchanged hands against 7.7 million 30-day average volume. Up to last close, the stock had risen 30 per cent this year.
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