Reliance Industries shares gained greater than 1 per cent in early buying and selling after asserting plans to hive off its oil-to-chemicals (O2C) enterprise right into a separate unit. At 9:38 am, the shares of Reliance Industries had been buying and selling at Rs 2,035, increased by 1.37 per cent, on the BSE. The shares have touched an intra-day excessive of Rs 2,048.70 and a low of Rs 2,028 to date.
Reliance Industries expects to get the mandatory approvals to hive off its oil-to-chemicals (O2C) enterprise right into a separate unit by the second quarter of the following fiscal 12 months, the corporate stated in a presentation to buyers on Monday. The corporate had initiated the method of spinning off the O2C enterprise at a time when the COVID-19 pandemic has induced a droop in gasoline demand and weighed on the phase’s current outcomes.
Reliance Industries, owned by Mukesh Ambani, will retain full management of the enterprise post-restructuring, the corporate added.
The BSE Sensex and NSE Nifty had been buying and selling increased by 0.25 per cent on the time resulting from worth shopping for after 5 successive days of decline.