Reliance Industries Shares Jump 1.50 Per Cent As Board Announces 1:1 Bonus Shares

Reliance share price: Reliance Industries, the country's most valuable company, last issued bonus shares in September 2017

Reliance share price: The proposed bonus issue would mark the third in the company's history, with previous 1:1 bonus shares issued in 2009 and 2017.

Source : Getty Images

Reliance share price: Reliance Industries Ltd's on Thursday stock closed up by more than 1.50 per cent after the company announced that its board will review a proposal for 1:1 bonus shares on September 5. The share price increased by 1.51 per cent to Rs 3,040.85 on the BSE, with an intra-day high of Rs 3,074.80, marking a rise of 2.63 per cent. On the NSE, the stock climbed 1.54 per cent to Rs 3,042.90, and reached an intra-day peak of Rs 3,074, a 2.58 per cent increase.

The company's market capitalisation grew by Rs 30,389.92 crore to reach Rs 20,57,382.97 crore. Trading volumes included 5.46 lakh shares on the BSE and 191.68 lakh shares on the NSE for the day.

RIL's stock witnessed a significant uptick of nearly 3 per cent during late afternoon trading on Thursday, following the announcement that the company's board will deliberate on issuing 1:1 bonus shares on September 5. The shares surged by 2.63 per cent, reaching Rs 3,074.80 on the BSE immediately after the news broke. Similarly, the stock climbed 2.58 per cent to Rs 3,074 on the National Stock Exchange (NSE).

This positive development also boosted Reliance's market capitalisation by Rs 42,399.24 crore, taking it to a staggering Rs 20,60,461.42 crore. Reliance Industries, the country's most valuable company, last issued bonus shares in September 2017.

In a filing to the stock exchanges, the company stated, "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, the issue of bonus shares in the ratio of 1:1 to the equity shareholders of the company by capitalisation of reserves."

The proposed bonus issue would mark the third in the company's history, with previous 1:1 bonus shares issued in 2009 and 2017.

Mukesh Ambani, during the annual shareholder meeting of Reliance Industries on Thursday, highlighted that his conglomerate, spanning oil to telecom, is not driven by short-term profit or wealth accumulation. Instead, Ambani stated that the company is dedicated to generating long-term wealth for the nation.

He said Reliance's commitment to securing the country's energy needs and noted that the company has evolved into a net producer of technology, positioning itself as a deep tech firm.

Ambani also underscored the transformative potential of artificial intelligence, describing it as a gateway to solving complex human challenges. He painted a positive outlook for India's economy, describing the nation as one of the world's most significant growth engines, no longer merely a follower but a leader in global economic momentum.