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Shares of Reliance Industries Ltd. hit a 52-week high after its decision to reduce equity share capital held by shareholders in Reliance Retail Ltd. and plans to separately list its financial services business.
The shares held by minority investors, other than its promoter and the holding company Reliance Retail Ventures Ltd., in unlisted Reliance Retail Ltd. shall be cancelled and extinguished,
The company has also set the record date for the demerger of its financial services arm that will be renamed and listed as Jio Financial Services Ltd. As the downgrade cycle reverses and net debt nears peak, "rate of change" will be a key focus in RIL's earnings, according to Morgan Stanley. Beyond that, it's all about rebuilding confidence in petrochem margins, fuel demand, and monetisation of i