Reliance Industries outlines its future roadmap, stocks rally
Reliance Industries set a target to reach zero net debt within 18 months and vowed to reward shareholders with higher dividends and periodic bonus issues, which sparked an impressive rally in the company’s shares.
The company’s shares saw their biggest intraday rise in a more than a decade
Stocks impacted: Reliance Industries (RELI)
The company's chairman, Mukesh Ambani, assured shareholders that they would continue to get periodic bonus issues and higher dividends once the group became debt-free. There are also reports that Reliance Industries is planning to sell a fifth of its oil-to-chemicals business to Aramco. Saudi Arabia's oil giant signed a letter of intent to buy a 20 per cent stake in its oil-to-chemicals business in one of the largest foreign investments in the country. The announcements drove Reliance shares up as much as 12%. As a result, it is now within touching distance of becoming the highest-valued Indian company again.
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