Stock Alert! RIL soars in trade as company announces restructuring

Shareholders of Mukesh Ambani backed Reliance Industries had a terrific Thursday with the largecap surging over 5% in intraday trade as the company announced restructuring and repurposing of their gasification assets.

As per a statement released by the company Jamnagar gasification unit will now become a wholly-owned subsidiary. The transfer will help “unlock the value of syngas" and will help the company’s transition to renewables as its primary source of energy, said the company in a press release.