Reliance Industries shares rise nearly 1 pc after spin-off

Shares of Reliance Industries Ltd (RIL) rose nearly one per cent to close at Rs 2,024.25 after the conglomerate announced contours of its oil-to-chemicals business into an independent unit.

The reorganisation will enable the focused pursuit of opportunities across the O2C (Oil-to-Chemicals) value chain, improve efficiencies through self-sustaining capital structure and a dedicated management team, and attract dedicated pools of investor capital.

At the end of the trading session, RIL stocks settled 0.84 per cent higher at Rs 2,024.25 apiece on BSE. It touched an intra-day high of Rs 2,053.10.

On NSE, the shares gained 0.90 per cent to close at Rs 2,026.15 apiece.

After gyrating 667.46 points during the day, the 30-share BSE Sensex ended 7.09 points or 0.01 per cent higher at 49,751.41 points on Tuesday.

The O2C business unit holds RIL's oil refinery and petrochemical assets and retail fuel business but not upstream oil and gas producing fields such as KG-D6 and textiles business.

Once completed, RIL will house only the upstream oil and gas exploration and production business, including the KG-D6 block, financial services, group treasury and the legacy textile businesses, and act as a holding company of the group.