Reliance shares hit all-time high ahead of Q1 results, Jio Financial’s demerger

The shares of Reliance Industries were at Rs 2,835.05, up 0.5 per cent from its Tuesday closing. Yesterday, the shares had touched an intra-day high of Rs 2,837.45.

Mumbai: Shares of Reliance Industries hit an all-time high of Rs 2,844.90 ahead of Q1 results, which is scheduled to be released later this week, coupled with Jio Financial Services’ demerger from the company.

The company will announce its April-June quarter results on Friday. Reliance is demerging its Financial Services arm – Jio Financial Services – for which the record date is July 20, 2023.

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All Reliance shareholders will get Jio Financial Services shares in 1:1 ratio.

The shares of Reliance Industries were at Rs 2,835.05, up 0.5 per cent from its Tuesday closing. Yesterday, the shares had touched an intra-day high of Rs 2,837.45.

These gains took Reliance’s market capitalisation to Rs 19.1 lakh crore or USD 232.8 billion at previous market closing. Reliance remains the only Indian company to have ever crossed the milestone of USD 200 billion market capitalisation.

At this market valuation, Reliance Industries is now world’s 42nd most valuable firm ahead of the likes of Toyota, McDonald, AstraZeneca, Cisco, and Shell, publicly available data on companiesmarketcap.com showed.

Notably, Reliance Industries is now Asia’s 8th most valuable company behind Saudi Aramco of Saudi Arabia, TSMC of Taiwan, Tencent, Kweichou Moutai and Alibaba from China, Samsung of South Korea, and the International Holding Company of UAE.