Reliance Industries shares gained more than 1% at the start of the session after announcing plans to separate its oil-to-chemicals (O2C) business into a separate unit. At 9:38 a.m., shares of Reliance Industries were trading at Rs 2,035, up 1.37%, on BSE. Shares have hit an intraday high of Rs 2,048.70 and a low of Rs 2,028 so far.
Reliance Industries expects to obtain the necessary approvals to separate its petroleum-chemical (O2C) business into a separate unit by the second quarter of next fiscal year, the company said in an investor presentation Monday. The company had initiated the process of splitting the O2C business at a time when the COVID-19 pandemic caused a drop in fuel demand and weighed on recent segment results.
Reliance Industries, owned by Mukesh Ambani, will retain full control of the company after the restructuring, the company added.
The BSE Sensex and NSE Nifty were then trading 0.25% higher due to buying value after five consecutive days of decline.