Reliance Jio Platforms shares rally 23 percent from IPO price

Reliance Jio Platforms shares have rallied 23% from their initial public offering price of ₹1,119 to ₹1,375, commanding a market capitalisation of approximately ₹12.50 lakh crore.

Brokerages including Nomura, Elara Securities, and Motilal Oswal Securities have initiated coverage on the stock with Buy ratings and target prices ranging from ₹1,340 to ₹1,367.

Nomura noted that Jio commands about 42% of the country's wireless subscribers, 60% of data traffic, and 43% of home broadband, positioning it to drive industry-wide tariff hikes.