Reliance Industries Shares Surge Amidst 1:1 Bonus Issue Announcement

The stock of Reliance Industries Ltd rose over 1.50% after confirming a 1:1 bonus share issue. During the trading session, the share price experienced an increase across both the BSE and NSE, contributing to a higher market valuation. The positive performance of Reliance boosted broader market indices to record highs.

The stock of Reliance Industries Ltd soared over 1.50% on Thursday after the company's board announced it would consider issuing 1:1 bonus shares on September 5.

Reliance shares climbed by 1.51% to close at Rs 3,040.85 apiece on the BSE, having surged 2.63% to Rs 3,074.80 during the day.

On the NSE, the stock rose 1.54% to Rs 3,042.90, hitting an intra-day high of Rs 3,074. The company's market capitalization increased by Rs 30,389.92 crore, reaching Rs 20,57,382.97 crore.

Trading volumes were significant, with 5.46 lakh shares exchanged on the BSE and 191.68 lakh shares on the NSE.

The BSE Sensex gained 349.05 points, closing at an all-time high of 82,134.61, celebrating eight consecutive days of gains. It reached a peak of 82,285.83 after rallying 500.27 points intra-day. Similarly, the NSE Nifty climbed 99.60 points to close at a new high of 25,151.95, reaching 25,192.90 intra-day.

Boosted by the bonus share announcement, Reliance's performance supported broader market growth. The company had last issued 1:1 bonus shares in 2017, and before that in 2009.

Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, commented, "Market volatility gave way to record highs as Reliance led gains with its bonus issue announcement."

During the company's annual shareholder meeting, Chairman Mukesh Ambani emphasized Reliance's commitment to long-term wealth creation over short-term profit, focusing on providing quality products and services to improve living standards and ensure energy security for India.

(With inputs from agencies.)