Reliance Group reportedly overtook the Tata Group to become the biggest conglomerate by market valuation on Wednesday.
The strong listing of Jio Platforms Ltd pushed the Reliance Group to become the country's biggest conglomerate by market valuation, according to news agency PTI.
At the close of trade, Reliance Industries' market valuation stood at ₹15.67 lakh crore. Furthermore, the combined market valuation of the Reliance Group was ₹30 lakh crore, according to Bombay Stock Exchange (BSE) data, cited in the report.
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The combined market valuation of the Tata Group firms stood at ₹25.28 lakh crore.
Jio Platforms becomes 2nd most valuable firm
Jio Platforms Ltd became the second most valuable Indian company by market valuation, PTI reported.
Shares of Jio Platforms made a strong debut as the stock started trading at ₹1,358, registering a jump of 21.36 per cent from the issue price of ₹1,119, on both the BSE and the National Stock Exchange (NSE). The shares ended at ₹1,417.35, surging 26.66 per cent from the issue price on the BSE.
On the NSE, the stock rose 26.67 per cent to end at ₹1,417.50. The company's market valuation stood at ₹13 lakh crore, it added.
{{/usCountry}}On the NSE, the stock rose 26.67 per cent to end at ₹1,417.50. The company's market valuation stood at ₹13 lakh crore, it added.
{{/usCountry}}Last week, on the opening day of the IPO, Jio Platforms Ltd's offering was fully subscribed within 100 minutes.
'Strong debut breaks recent run of disappointing mega-IPO listings': Khemka
Siddhartha Khemka, Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd, said that the strong debut ended the recent trend of weak listings by large IPOs.
Khemka added that it showed investors' continued interest in quality offerings.
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"In the primary market, Jio Platforms made a strong debut, listing at ₹1,358 on both exchanges, a 21.36 per cent premium to its issue price of ₹1,119, taking its market capitalisation to ₹13 lakh crore, making it India's second-most valuable listed company after Reliance. The strong debut breaks the recent run of disappointing mega-IPO listings, and signals sustained investor appetite for quality offerings, potentially supporting the IPO pipeline into the next quarter," PTI quoted Khemka as saying.
(With PTI inputs)