Shares of Reliance Industries rose by about 3% on Monday. The surge came after the company’s digital unit, Jio Platforms, filed draft papers for India’s biggest initial public offering (IPO). Billionaire Mukesh Ambani presented a roadmap for the company’s next phase of growth at its 49th Annual General Meeting (AGM), which further boosted this momentum. This roadmap includes areas like Artificial Intelligence, Satellite Broadband, Clean Energy and Consumer Business. This surge led to an increase of about ₹48,000 crore in the market capitalization of Reliance Industries, taking the total market cap of the company to more than ₹18 lakh crore. Let’s take a look at the movement in the company’s shares.
**The company’s shares increased by about 3%**
Shares of Reliance Industries rose 2.75% to ₹1,345.45 during the trading session on Bombay Stock Exchange (BSE). At 2:40 pm, the stock was trading at ₹1,331.40; It opened at ₹1,324.90, up 1.68% compared to its previous closing price of ₹1,309.35. Similarly, the stock rose 2.70% to ₹1,344.90 on the National Stock Exchange (NSE). This rally in blue-chip stocks played a key role in lifting the broader market. In morning trade, the 30-share BSE Sensex was trading 454.36 points higher at 77,253.07, while the 50-share NSE Nifty was up 136.05 points at 24,149.50.
Due to the increase in the share price of Reliance Industries, the market capitalization of the company has also increased significantly. Looking at the data, when the share price of Reliance Industries reached intraday high (highest level of the day), the market capitalization of the company became ₹ 18,19,641.72 crore. In contrast, the market capitalization at the close of trading on Friday stood at ₹17,71,882.96 crore. This has led to an increase of ₹ 47,758.76 crore in the valuation of the company. The special thing is that after a long time the valuation of the company has crossed ₹ 18 lakh crore.
**Jio IPO announced**
Jio Platforms – the company that moved from telecom to technology over the last decade and transformed India’s digital landscape – on Friday filed its draft red herring prospectus (DRHP) with market regulator SEBI to issue 27 crore new shares. Sources with knowledge of the matter indicated that the offer could raise around ₹37,700 crore (US$4 billion), which would take the company’s valuation to around US$137 billion. The purpose of this offer is to unlock the value of Jio Platforms. Its telecom unit has become the world’s second-largest mobile operator in terms of subscriber base, behind only China Mobile.