RIL stock top gainer on Sensex, Nifty as Akash Ambani takes over Reliance Jio

Reliance Industries Ltd's (RIL) stock was the top gainer on Sensex and Nifty amid a weak market today after billionaire Mukesh Ambani resigned from the board of his $217 billion group's telecom arm, Reliance Jio, and handed over the firm's reins to elder son Akash. The sentiment was positive around the stock as the move shows clarity on the succession plan of Reliance Industries chairman Mukesh Ambani.

RIL stock touched an intraday high of Rs 2,596.85, rising 2.68 per cent in the afternoon session against the previous close of Rs 2,529 on BSE.

The large-cap share is trading higher than the 5-day, 100-day and 200-day moving averages but lower than 20-day and 50-day moving averages.

RIL stock has gained 24 per cent in one year and risen 9.26 per cent since the beginning of this year.

ALSO READ: Mukesh Ambani resigns as Director of Reliance Jio, son Akash appointed Chairman

Total 2.36 lakh shares of the firm changed hands amounting to a turnover of Rs 61.66 crore on BSE. The market cap of the conglomerate stood at Rs 17.52 lakh crore.

The share hit a 52-week high of Rs 2,855 on April 29, 2022, and a 52-week low of Rs 2,016.60 on July 28, 2021.

On Nifty too, the stock was the top gainer, rising 2.74 per cent to Rs 2,597 in the afternoon session against the previous close of Rs 2,527.70.

In a stock exchange filing, Reliance Jio Infocomm Ltd on Tuesday said the company's board at a meeting on June 27, "approved the appointment of Akash M Ambani, non-executive director, as chairman of the board of directors of the company." This comes after Mukesh Ambani resigned with effect from the close of working hours on June 27, it said.

AR Ramachandran, co-founder & Trainer, Tips2Trades said, "Akash Ambani taking over the Reliance Jio board is a sign that the company is clear in terms of its succession planning. Technically, a dip near support levels of Rs 2,460- Rs 2,480 can be used to buy for long term target of Rs 2,850- Rs 2,975 in the near term."

Santosh Meena, Head of Research, Swastika Investmart  said, "Mukesh Ambani has finally passed on the baton to his elder son, Akash to head Reliance Jio Infocomm Ltd. We expect major announcements during the upcoming AGM and new initiatives might be announced. Reliance is currently firing on all cylinders as every business segment is expected to grow in the coming years and is now one step closer to a separate listing."