Mumbai: Defying modest gains in the broader stock market, Jio Platforms continued its spectacular run on the bourses for the second consecutive day following its much-anticipated debut. In a phenomenal display of investor confidence, the company’s valuation skyrocketed, adding a staggering Rs 67,213 crore to its market capitalisation within just five minutes of early trade on Thursday.
The telecom and digital giant’s shares showed no signs of slowing down. After closing Wednesday’s session with an impressive 27 percent premium over its issue price, the stock leaped even further the next day. In the initial trading hours on the Bombay Stock Exchange (BSE), Jio’s shares surged by over 5 percent, hitting a fresh record high of Rs 1,490. This remarkable peak represents a phenomenal 33 percent jump from the company’s initial issue price.
The stock had opened strong at Rs 1,448.05 and by 9:50 AM, it was comfortably trading at Rs 1,470.40, marking a 3.74 percent increase for the day. This rapid ascent propelled the company’s overall market valuation to an astronomical Rs 13,73,974.56 crore at its peak, up from the Rs 13,06,761.47 crore recorded at the close of the previous trading session.
Market analysts are overwhelmingly bullish on the stock’s trajectory, with several experts predicting a potential further upside of up to 28 percent in the coming days.
This meteoric rise has sparked an intriguing conversation on Dalal Street: Could Jio Platforms soon overtake its parent conglomerate, Reliance Industries, to become India’s most valued company? As of early Thursday trade, Reliance Industries was trading marginally higher at Rs 1,176.40, boasting a market cap of Rs 15,91,764.87 crore. The gap between the parent and the subsidiary has now narrowed to approximately Rs 2.41 lakh crore. If Jio maintains this ferocious momentum, financial experts suggest it could soon challenge Reliance’s top spot.
Meanwhile, the broader market indices exhibited cautious optimism. The BSE Sensex witnessed a modest gain, trading at 73,506.93 points—up by 260.9 points from its previous close. The National Stock Exchange’s Nifty also traded in the green, hovering around the 22,760 mark. However, market experts advise caution, hinting at potential volatility in the overall stock market in the near term, even as Jio remains the clear standout performer.