Shares of Reliance Industries rose by about 3 percent on Monday. The raise came after the company’s digital unit, Jio Platforms, submitted draft papers for India’s biggest ever initial public offering (IPO). This boom got a further boost when billionaire Mukesh Ambani presented a roadmap for the next phase of development in the company’s 49th annual general meeting. This included areas like Artificial Intelligence, Satellite Broadband, Clean Energy and Consumer Business. Due to this rise, there was an increase of about Rs 48 thousand crore in the market cap of Reliance Industries. Also, the total market cap of the company crossed Rs 18 lakh crore. Let us also tell you what kind of movement has been seen in the shares of the company.
The company’s shares rose by about 3 percent
Shares of Reliance Industries rose 2.75 percent to Rs 1,345.45 during the trading session on Bombay Stock Exchange. Whereas at 2:40 pm the company’s shares are trading at Rs 1,331.40 with a rise of 1.68 percent. However, the company’s shares had opened at Rs 1,324.90 and a day earlier the company’s shares had closed at Rs 1,309.35. On the other hand, on the National Stock Exchange the stock also increased by 2.70 percent to reach Rs 1,344.90. Earlier, this rise in blue-chip stocks also played an important role in taking the market higher. After morning trading, the 30-share BSE Sensex was trading 454.36 points higher at 77,253.07. NSE Nifty of 50 shares rose by 136.05 points to reach 24,149.50.
Increase of Rs 48 thousand crores
Due to the rise in the shares of Reliance Industries, there has been a tremendous increase in the market cap of the company. If we look at the data, when the shares of Reliance Industries reached the peak of the day, the market cap of the company had come to Rs 18,19,641.72 crore. Whereas on Friday, the market cap of Reliance was at Rs 17,71,882.96 crore till the stock market closed. This means that there has been an increase of Rs 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 Rs 18 lakh crore.
Jio IPO announced
Jio Platforms – the telecom-to-technology giant that has transformed India’s digital landscape over the last decade – on Friday filed a draft red herring prospectus with market regulator SEBI for the issue of up to Rs 27 crore of new shares. Sources having knowledge of the matter had said that about Rs 37,700 crore (4 billion US dollars) can be raised from this offering, due to which the valuation of the company will be estimated at about 137 billion US dollars. The purpose of this offering is to unlock value from Jio platforms. Its telecom branch has become the world’s second largest mobile operator in terms of subscriber numbers after China Mobile.
Leave a Reply