Reliance shares jump 3% ahead of Q1 earnings report

Shares of Reliance Industries Ltd climbed nearly 3 per cent on Friday ahead of the company’s June quarter earnings announcement, adding Rs 45,334 crore to its market valuation. The blue-chip stock edged higher by 2.59 per cent to settle at Rs 1,326.50 on the BSE. During the day, it surged 2.85 per cent to Rs 1,329.95. On the NSE, the stock climbed 2.36 per cent to end at Rs 1,327.20. The company’s market valuation surged Rs 45,334.01 crore to Rs 17,95,091.26 crore. The rally in the stock was instrumental in driving the equity markets higher. The 30-share BSE Sensex jumped 964.58 points, or 1.25 per cent, to settle at 78,151.45. The 50-share NSE Nifty climbed 261.55 points, or 1.09 per cent, to end at 24,334.30. In volume terms, 8.49 lakh shares of the company were traded on the BSE and 183.02 lakh shares on the NSE during the day. Meanwhile, the promoter group of Reliance Industries increased its shareholding by nearly 0.5 percentage points during the June quarter through market purchases, reinforcing its long-term commitment to the country’s most valuable company.

Regulatory shareholding data showed the promoter and promoter group raised their stake to 50.48 per cent at the end of the June quarter from about 50 per cent three months earlier.