New Delhi. Reliance Industries Ltd, the country’s largest company, doing business in the petrochemical, telecom, retail etc. sectors, has announced the separation of the chemical business from its oil. Since this decision, the shares of the company have seen a slight rise today.
Also read: Many banks like SBI, PNB, UCO will remain closed in the month of March, know what is the reason
Otousi business will be made a separate company
The company informed the stock market late Monday in this regard. For this, a separate company will be formed from the present company. For this, the company has sought approval from shareholders and lenders. The company hopes to get approval for this by the second quarter of the coming financial year.
Also read: Stock market volatility, Sensex closed at flat level, Nifty jumped 32 points
Approval will be given by next financial year
The company said the restructuring of the oil-to-chemicals business would allow it to take advantage of opportunities in the Otusi value chain. Reliance Industries is setting up a separate entity for the oil-to-chemicals business. The move will help it pursue growth opportunities with strategic partners. The company has hoped that it will get the necessary approvals for this by the second quarter of the next financial year.
Also read: Petrol prices will increase by Rs 20 by July, diesel prices will also cross Rs 100
The company’s shares rose
After this decision, the company’s shares also saw a boom today. Talking about the statistics, today the shares of the company rose by 16.85 rupees to close at Rs 2024.25. Whereas today the company’s stock opened at Rs 2028. Whereas today the company’s stock reached the day’s high with Rs 2053.10. While on Monday, the company’s stock closed at Rs 2007.40.