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RIL falls nearly 4% after hitting record highs; Spin-off O2C biz into separate subsidiary

Kotak Institutional Equities has reiterated buy rating on the stock and raised its SoTP-based FV to Rs 2,150 from Rs 1,750 earlier.

July 15, 2020 / 11:16 PM IST

Reliance Industries (RIL) share price has wiped out its early gains and ended 3.7 percent lower on July 15 after the chairman Mukesh Ambani said will approach NCLT with a proposal to spin-off their O2C business into a separate subsidiary.

RIL has been approached by strategic investors in petrochemicals biz. “The deal with Saudi Aramco has not progressed as per original timelines, but remains committed to deal with Saudi Aramco,” he said.

Google will invest Rs 33,737 crore for a 7.7 percent stake in Jio Platforms, becoming the latest A-list investor in the digital unit of the company.

The share has touched a fresh record high of Rs 1,948.75 in the early trade ahead its 43rd Annual General Meeting.