Chart check: Will the O2C biz spin-off trigger a fresh rally in RIL stock?

A breakout above Rs 2,100 in RIL's counter may see a rally towards 2,400

Shares of Reliance Industries (RIL) rose 2 per cent in Tuesday's intra-day deals to Rs 2,048.70 on the BSE after the company said it has begun the process of carving out the O2C business into an independent subsidiary and expects to get the necessary approvals for the same by the second quarter of the next financial year.

The company said the O2C business will be turned into a separate entity that will be 100 per cent owned by RIL and will result in no change in the company's shareholding.

“With this reorganization, RIL will have four growth engines – digital,