Reliance shares jump over 2% as Jio IPO plans spark market optimism
Reliance Industries stock rose more than 2% on Tuesday after reports that Jio Platforms will launch an IPO around Oct 19 to raise roughly $4 billion.
On Tuesday, Reliance Industries Limited saw its shares surge more than 2%, reaching ₹1,219.10 before settling around ₹1,215, outperforming the broader market as the Nifty 50 rose 0.77%. The jump came after reports that Jio Platforms, the telecom arm owned by Mukesh Ambani, plans to file an initial public offering the week of Oct 19, seeking roughly $4 billion and a valuation of about ₹11 trillion. Analysts from Master Capital Services and Globe Capital Market noted that the fresh issue of about 2.93% of total equity could reduce the holding-company discount and provide new price discovery for Jio.
They added that the stock’s future moves will hinge on the IPO pricing, subscription quality, tariff hikes, and Reliance’s earnings resilience across oil, chemicals and retail amid crude price swings. The rally marks a bounce back from the lower end of a long-standing price range, though resistance may appear near ₹1,280-₹1,340. Disclaimer: views belong to the analysts, not the publisher.
