Representational image
| Photo Credit: REUTERS
Shares of Reliance Industries Ltd. on Monday jumped nearly 4%, with its market valuation rallying by ₹67,326 crore.
The stock rallied 3.78% to settle at ₹2,735.15 on the BSE. During the day, the index heavyweight stock jumped 4.53% to hit its 52-week high of ₹2,755.
At the NSE, it climbed 3.85% to end at ₹2,735.25.
Rally in the stock added ₹67,326.07 crore to the company’s market valuation, which stood at ₹18,50,496.31 crore.
It was the biggest gainer on both the Sensex and Nifty.
In traded volume terms, 11.11 lakh shares of the company were traded at the BSE and more than 1.53 crore shares on the NSE during the day.
Billionaire Mukesh Ambani’s daughter Isha and former Comptroller and Auditor General of India (CAG) Rajiv Mehrishi are among the directors appointed on the board of demerged financial services unit of Reliance Industries Limited, the company said on Saturday.
RIL had announced plans to demerge its financial services undertaking into Reliance Strategic Investments Limited (RSIL) and rename and list it as Jio Financial Services Limited (JFSL).
It will lend to consumers and merchants based on proprietary data analytics and will eventually branch out to insurance, payments, digital broking and asset management.
The spinoff, which will create the fifth-largest financier in terms of capital and compete directly with the likes of Paytm and Bajaj Finance, will complement Reliance’s consumer businesses, which include India’s largest wireless operator with about 428 million users, and top retail chain with over 17,000 stores.
“In accordance with provisions of the (demerger) Scheme, RSIL shall issue and allot one fully paid-up equity share of RSIL having a face value of ₹10 each for every fully paid-up equity share of ₹10 each of the company to the shareholders whose names are recorded in the register of members and/or records of the depository as on the record date,” the firm said in a stock exchange filing.
For all the latest business News Click Here
