Multibagger alert: RIL-backed stock hits upper circuit, surges 250% in six months

Shares of HFCL Ltd jumped 5 per cent in Thursday's trade to hit their upper price band of Rs 215.35. At this level, the multibagger stock has rallied 250.11 per cent over the past six months.

Bourses BSE and NSE have placed HFCL's securities under the long-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in the short- or long-term ASM frameworks to caution investors about high volatility in share prices.

Mukesh Ambani-led Reliance Industries Ltd (RIL) owns a significant stake in HFCL through its subsidiaries. Reliance Ventures Ltd owned 2,26,81,422 equity shares or a 1.48 per cent stake, while Reliance Strategic Business Ventures Ltd (RSBVL) held 4,85,32,764 equity shares or a 3.17 per cent stake in the company as on March 31, 2026. RIL's total shareholding stood at 4.65 per cent as of Q4 FY26.

Separately, Reliance Industries Ltd's (RIL) subsidiary Jio Platforms Ltd has formally kicked off its initial public offering (IPO) process by filing its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi).

The draft prospectus shows that the proposed IPO will be entirely a fresh issue of up to 270 million equity shares with a face value of Rs 10 each, aimed at raising capital directly for the company. There will be no Offer-for-Sale (OFS) component by existing shareholders. As of now, no investor, including HFCL Founder and Managing Director Mahendra Nahata, intends to offload shares through the proposed public issue.

Motilal Oswal has valued the telecom and digital services major at an overall equity value of Rs 10.7 lakh crore. Based on this valuation, Nahata's combined 0.54 per cent stake in Jio Platforms, acquired for a total investment of Rs 47.87 crore in 2020, is now estimated at around Rs 5,800 crore.

Meanwhile, HFCL is a technology company with a vertically integrated presence across optical fibre and cable manufacturing, telecom networking products, and defence electronics. Its portfolio includes high-fibre-count cables, routers, Wi-Fi and data centre solutions, as well as defence systems such as electronic fuses, radars and thermal weapon sights, catering to both domestic and international markets.