Shares of Reliance Industries (RIL) jumped on Thursday after the oil-to-telecom giant announced that it would transfer the gasification undertaking to a wholly owned subsidiary and induct investors to unlock the value of the business.
The scrip rose sharply by 6.10 per cent, or Rs 143.50, to close at Rs 2,494.40 on the BSE, while it gained 6.36 per cent to settle at Rs 2,501 on the NSE.
The surge in the RIL counter was one of the key reasons behind the Sensex ending higher by 454.10 points at 58795.09 and the Nifty gaining 121.20 points to end at 17536.25. Market circles said this could mark the beginning of RIL re-purposing assets in its portfolio and monetising them.
Morgan Stanley said there could be value creation opportunity of up to $60 billion for RIL ahead as it takes the decarbonisation path.
For RIL shareholders, the latest development should come as a major boost