Jefferies, in a November note, pegged Reliance Jio’s valuation at around $180 billion. At that level, a 2.5% stake sale would fetch approximately $4.5 billion, making it the most valuable IPO India has ever seen.
Market expert Deven Choksey shares his high-conviction stock picks across market caps for the next 12–24 months, focusing on visibility, compounding and structural growth. In large caps, Reliance Industries tops the list, backed by potential Jio Platforms and retail listings, renewable energy scale-up and a renewed growth cycle. Bajaj Finance remains another preferred compounder, with buying opportunities likely on corrections. In the mid-cap space, Mindacorp stand out, riding the growth in two-wheeler and four-wheeler segments with steady earnings visibility. Among smaller names, Jaro Education (Jaro Technologies) attracts attention for strong growth without cash burn, while Tata Technologies offers long-term potential through deep integration with global OEMs. These picks reflect a balanced, long-term investment approach.
On the final day of 2025 - a challenging year with Nifty delivering ~9-10% returns amid volatility, FII outflows, and mid/small-cap pain - analyst Deven Choksey of DR Choksey sees strong promise for 2026. India enters as the world's fourth-largest economy with robust 7.3-7.5% GDP growth projections, lower taxes, reduced GST rates, falling interest/inflation, and export-boosting FTAs. Markets remain reasonably valued at ~20x forward P/E. He expects large-caps to lead, with selective mid/small-caps offering opportunities only on corrections. Key optimism lies in IT (TCS, Infosys via AI shift), NBFCs (Bajaj Finance, Shriram Finance, Bajaj Housing), autos (Mahindra & Mahindra, Bajaj Auto, ancillaries like Minda), Reliance (for Jio/retail listings), and education players like Jaro Education. Mid/small-caps face consolidation, not boom.
Ambit has revised its outlook for India's telecom sector, increasing its FY25-42 revenue CAGR estimate by 1% as decisive government support for Vodafone Idea continues.
Reviewing listing performances this year, Vinit Bolinjkar highlighted Meesho Ltd as one of the standout IPOs of 2025. In comparison, he said Tata Capital Ltd failed to meet post-listing expectations despite strong grey market interest ahead of its debut.
“Gandhian Engineering Changed Reliance”: Mukesh Ambani On Mashelkar’s ‘More From Less’ Vision
On Business Today Television's "What's Hot," expert Sunny Agarwal (SBI Securities) reviewed India's record 2025 IPO market - over 100 mainboard listings raising, the highest ever. OFS dominated, with mixed listings. Top performers included Meesho, alongside others like Stallion Fluorochemicals. 2026 pipeline eyes ₹2-2.5 lakh crore, led by mega issues like Reliance Jio, NSE, Flipkart. SEBI lowered mutual fund base TER caps, enhancing transparency. Contrasts: Meesho blockbuster vs. Ola Electric's sharp decline to all-time lows amid promoter sales/competition. Markets cautious near 25,750, optimistic on 2026 earnings/FII flows.
Domestic brokerage firm Motilal Oswal Financial Services believes that Reliance Jio may delay or resist tariff hikes, because higher tariffs may help Airtel gain revenue share faster.
Chaturmohta said a rate cut from the current 5.50 per cent repo rate would ease systemic liquidity, reduce borrowing costs, and stimulate credit demand, with consumer durables, autos, housing, and NBFCs standing to gain the most.
The Supreme Court has affirmed a Rs 30 lakh fine against Reliance Industries and two compliance officers for failing to promptly clarify unpublished price-sensitive information on the Jio-Facebook deal, reinforcing regulatory expectations for large corporations.
Speaking to Business Today, the market expert noted that despite a correction lasting more than a year, quality companies continue to command higher valuations.





