Reliance Industries' share price surges 7% on Tuesday, February 3: What you need to know

Shares of Reliance Industries (RIL), the oil-to-telecom conglomerate, on Tuesday, February 3, surged as much as 7.12% to hit a high of ₹1,489.50 apiece on the NSE in the intraday trade.

The stock rallied as the overall market sentiment got a major boost after India and the US announced a trade deal.

India and the US agreed on Monday on a trade deal under which Washington will reduce the reciprocal tariff on Indian goods to 18% from the current 25%, US President Donald Trump said on Monday, following a phone conversation with Prime Minister Narendra Modi.

The much-awaited announcement gave a major fillip to the Indian equities, with benchmark indices soaring around 4% in the opening deals.

Navneet Munot, MD & CEO, HDFC AMC, said, “Kudos to our leadership for a successful India-US trade deal that’s anchored in mutual respect, strategic autonomy, and the shared objective of global stability and prosperity. It’s wonderful news coming on the back of a highly pragmatic, growth-oriented budget and a series of reforms."

In late January 2026, Reliance Industries Ltd, India's biggest buyer of Russian crude oil, said it had not bought any barrels from the Kremlin in January.

Reliance, which was touted as the world's biggest buyer of seaborne Russian oil at around 600,000 barrels per day in 2025, did not buy any Russian crude oil in the first three weeks of January, PTI reported, citing industry sources, and ship-tracking data showed.

This development is crucial, as in a post on Truth Social on Monday, Trump said India will reduce trade barriers to zero and will also stop buying Russian oil.

An additional 25% tariff penalty imposed for Delhi's refusal to halt oil purchases from Russia will be waived.

Reliance's Jio Studios: Latest update

In a press release on Tuesday, Reliance Industries (RIL) said that Reliance Strategic Business Ventures Limited (RSBVL), its wholly owned subsidiary, on February 2, 2026, acquired a 50.1% equity stake in Sikhya Entertainment Private Limited (SEPL), one of India’s most globally recognised and awarded production houses, through a combination of primary and secondary transactions, for an aggregate cash consideration of ₹150 crore.

This acquisition enables Jio Studios, the media and content arm of RIL, to further consolidate its pre-eminent position in the media and entertainment sector.

The collaboration of Jio Studios with SEPL, to co-create films and series for audiences in India and worldwide, brings together Jio Studios’ scale, reach, focus on building enduring intellectual property, nurturing creator-led ecosystems, and long-term vision with SEPL’s proven track record of globally resonant, culturally rooted storytelling.

Founded by Guneet Monga Kapoor and Achin Jain, Sikhya Entertainment has, over the past decade, redefined what Indian storytelling can achieve on the world stage.

“Sikhya is the only Indian production house to have won both an Academy Award® and multiple National Film Awards, a distinction that underscores its rare global and domestic impact,” the press release added.