Reliance Inds gains 6% in 2 days, hits 4-month high on O2C biz spin off

Analysts believe the recent move of creating an O2C segment will open various new avenues for RIL in terms of both opportunities and upside

Shares of Reliance Industries Ltd (RIL) were up 4 per cent at Rs 2,150 on the BSE in intra-day trade on Thursday, having gained 6 per cent in the past two trading days after the company announced the proposal to hive off its oil-to-chemical (O2C) business into an independent unit. The stock was trading at its highest level since October 21, 2020. It had hit a record high of Rs 2,369 in September last year.

RIL in a presentation on Tuesday, February 23, announced the initiation of the formal process of carving out the O2C business into a wholly-owned independent subsidiary.