At Rs 19.1 trillion m-cap, RIL creates record; shares touch lifetime high

Shares rise nearly 1% to end at Rs 2,822; from a low of Rs 2,201 in 2023, RIL's stock has added over 28%; gains come ahead of demerger with its financial services arm JioFin

Shares of Reliance Industries (RIL) made a lifetime high on Tuesday, surpassing their previous best made nearly 15 months ago. The stock of the oil-to-telecom giant rose nearly 1 per cent to end at Rs. 2,821, valuing the Mukesh Ambani-led firm at Rs. 19.1 trillion and cementing its place as the country’s most valuable company. RIL’s previous all-time high of Rs. 2,820 was registered on April 28, 2022. From the low of Rs. 2,201 earlier in 2023, the company’s stock has gained more than 28 per cent. The gains come ahead of a demerger with its financial services arm — Jio Financial Services (JioFin).

RIL has fixed July 20 as the ex-date for the demerger. Those holding one share of RIL will get one share of JioFin, which will soon list separately. Exchanges will conduct a special price discovery session to arrive at JioFin's fair price. Market players said that the financial services firm — to be chaired by veteran banker KV Kamath — could be valued between Rs. 160 and Rs. 300 per share. JioFin will also be added to the Nifty50 and various other indices for at least three days from the date of its listing. The move, a global practice, is to help exchange traded funds and index funds navigate the demerger process.