Reliance Industries share | Jio Platforms IPO: Shares of Reliance Industries Ltd (RIL) have been on an uptrend ever since the Jio Platforms IPO RHP was filed. After hitting the 52-week low of ₹1,152.20 per share ahead of the Jio Platforms IPO subscription opening, strong buying triggers are fueling RIL shares for the last few sessions. As the Jio Platforms IPO subscription opens today, Reliance share price opened with an upside gap at ₹1,212 and touched an intraday high of ₹1,234.30 per share within a few minutes of the Opening Bell, clocking an intraday gain of 1.75%.
According to stock market experts, this rally in Mukesh Ambani's company's shares can be attributed to the opening of Jio Platforms' IPO subscription. They said that RIL holds around two-thirds of Jio Platforms' stake, and a rise in Reliance Jio Platforms' market cap or valuation would translate into a two-thirds benefit for Reliance Industries and its shares. They said that the market is expecting around ₹350 to ₹500 per share value addition by Jio Platforms' share listing in the RIL shares. However, this may not happen in the short term, but they advised a ‘buy-on-dips’ strategy in Reliance shares as it may touch up to ₹1,700 per share by the end of FY27.
Whether Jio Platforms IPO is acting as a shot in the arm of Reliance Industries shares, Avinash Gorakshkar, Founder of Avinash Mentor Research, said, “The market is expecting the benefit of value unlocking for RIL, as it holds around one-third stake in Reliance Jio Platforms. So, this rally in the RIL shares can be attributed to the Jio Platforms IPO subscription opening.”
(This is a developing story. Please refresh for more details)
Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.