Reliance Industries shares climb over 1.50%; market valuation jumps by Rs 30,389.92 cr

New Delhi: The stock of Reliance Industries Ltd ended over 1.50 per cent higher on Thursday following the announcement that the company's board will consider issuing 1:1 bonus shares on September 5.

Shares of the firm went up by 1.51 per cent to settle at Rs 3,040.85 apiece on the BSE. During the day, it jumped 2.63 per cent to Rs 3,074.80.

On the NSE, the bellwether stock climbed 1.54 per cent to Rs 3,042.90. Intra-day, it advanced 2.58 per cent to Rs 3,074.

The company's market valuation also surged Rs 30,389.92 crore to Rs 20,57,382.97 crore.

In terms of volume, 5.46 lakh shares of the firm were traded on the BSE and 191.68 lakh shares on the NSE during the day.

The 30-share BSE Sensex jumped 349.05 points or 0.43 per cent to settle at an all-time closing high of 82,134.61, extending its winning momentum to the eighth day in a row. During the day, it soared 500.27 points or 0.61 per cent to hit a lifetime intra-day peak of 82,285.83.

Surge in the stock was also instrumental in driving the markets higher.

Rallying for the 11th straight session, the NSE Nifty surged 99.60 points or 0.40 per cent to settle at a new closing high of 25,151.95. During the trade, the benchmark climbed 140.55 points or 0.56 per cent to hit a fresh record intra-day peak of 25,192.90.

Reliance, the nation's most valuable company, had last issued bonus shares in September 2017.

"A meeting of the Board of Directors of the company is scheduled to be held on Thursday, September 5, 2024, to consider and recommend to the shareholders for their approval, issue of bonus shares in the ratio of 1:1 to the equity shareholders of the company by capitalization of reserves," the firm said in the stock exchange filing.

Prior to the 1:1 bonus issue in 2017, Reliance had in 2009 issued 1:1 bonus share.

"Markets were back in action on the expiry day after range-bound sessions, as benchmark indices hit fresh intra-day lifetime highs led by gains in Reliance Industries, which announced a 1:1 bonus issue. Markets were volatile and had slipped into the red in mid-session, but rebounded in late trade as investors cheered the bonus issue announcement by RIL which led to buying action in other select frontline stocks," Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, said.

Asia's richest man Mukesh Ambani on Thursday said his oil-to-telecom-and-retail conglomerate is not seeking short-term profit but is in the business of creating wealth for the nation.

Speaking at the company's annual shareholder meeting, he said all businesses of Reliance Industries Ltd continue to be key drivers of the Indian economy and have become a success story.

"We are not in the business of pursuing short-term profit and hoarding wealth. We are in the business of creating wealth for India," he said. "We are in the business of providing the highest quality products and services that improve efficiency, productivity, and ease of living for Indian consumers." Reliance is on a mission to provide energy security to the country and make the world cleaner and greener for future generations.