Shares of Jio Platforms, owned by Mukesh Ambani, successfully debuted in the market. Following an impressive listing day, Jio Platforms shares continued to rise on Thursday, showing a significant surge.
Not only did Ambani's shares demonstrate growth, but Piramal Pharma shares, the company of Mukesh Ambani's in-laws, also showed a sharp jump. While Jio grew by over 16% at its listing, it continued to rise on Thursday, bringing returns to investors.
Looking at the dynamics of Jio Platforms shares on the second day after going public, it is worth noting that they debuted in the market with a gain of 21 percent. By the close of trading, this figure exceeded 25%, reaching the mark of 1419 rupees. On Thursday, strong trading was also observed; the shares opened at 1445.90 rupees and quickly rose to 1489.70 rupees.
While Mukesh Ambani's Reliance Industries shares traded sluggishly after the Jio Platforms listing, Piramal Pharma shares, the company of Mukesh Ambani's in-laws, looked like a rocket. These pharmaceutical shares closed at 230.60 rupees, which is 16 percent higher than the previous closing on October 27, when the price was 199.75 rupees. On Wednesday, Piramal Pharma shares soared, and on Thursday, they maintained high momentum, although the growth rate was slightly slower compared to the previous close, trading with a rise of about one and a half percent at 239.54 rupees.
The significant growth of Piramal Pharma shares over two days led to an increase in the company's market capitalization by approximately 18 percent. The level of 239.54 rupees on Thursday was the highest in 52 weeks. As of the time of writing, Piramal Pharma's market capitalization reached 31,060 crore rupees. Over the last six months, this share of Mukesh Ambani's in-laws has grown by 47 percent.
Mukesh Ambani's daughter and Nita Ambani's daughter, Isha Ambani, married into the Piramal family on December 12, 2018, to Anand Piramal. Her father-in-law is Ajay Piramal, who heads the Piramal Group, which is among the country's major corporate dynasties. Ajay Piramal is considered one of the prominent industrialists. His company, Piramal Enterprises, operates in pharmaceuticals, healthcare, and financial services. The Piramal Group's branches are present in 30 countries worldwide. Piramal began his business career in the textile industry in 1977 at the age of just 22 and gained particular fame in the pharmaceutical sector.
