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Stock market close highlights: Jio IPO set for 2026; Reliance to double Ebitda by 2027; RIL down 2%

Stock market close highlights, Aug 29: Mukesh Ambani said Jio has surpassed 500 million customers and confirmed a Jio IPO planned for H1 2026

SI Reporter New Delhi

Mukesh Ambani at Reliance Industries’ AGM, where he announced that Jio has crossed 500 million subscribers, including 191 million on its 5G network.

RIL AGM LIVE: Chaiman Mukesh Ambani speaks at Reliance Industries’ 48th AGM on Friday, August 29, 2025

Stock market close highlights, Aug 29: Reliance Industries chairman Mukesh Ambani addressed shareholders at the company’s 48th AGM today. He said that the company reported FY26 consolidated revenue of ₹10.71 trillion, Ebitda of ₹1.83 trillion and profit of ₹81,309 crore. Further, he said that Reliance aims to double Ebitda by the end of 2027.

Ambani also said Jio has surpassed 500 million customers and confirmed a Jio IPO planned for H1 2026. The group will also form a new unit, “Reliance Intelligence.” RIL added that JioHotstar has 300 million paying subscribers. Isha Ambani, non-executive director, Reliance Retail said that the company is targeting a revenue CAGR of more than 20 per cent over the next three years.

Besides, Indian bechmark indices settled lower as investor caution persisted on Dalal Street amid US tariff concerns. The BSE Sensex settled at 79,809.65, down 270.92 points, while the Nifty50 ended at 24,426.85, down 74 points. The Nifty MidCap and Nifty SmallCap indices fell 0.57 per cent and 0.39 per cent respectively.

On the BSE, Mahindra & Mahindra, Reliance Industries, Infosys and Tata Motors were among the top laggards, while ITC, BEL, Trent and L&T were among the top gainers. Sectorwise, Nifty Realty and oil & gas slipped more than 1 per cent, while Nifty FMCG rose 0.95 per cent.

3:57 PM

RIL AGM LIVE Updates: Mukesh Ambani concludes RIL's 48th AGM

3:55 PM

RIL AGM LIVE Updates: Reliance will more than double its Ebitda by the end of 2028, says Mukesh Ambani

RIL 48th AGM LIVE Updates: The best of Reliance is yet to come.

"In 2022, I made a promise that we will double Reliance by the end of our Golden Decade in 2028. At that time, our Ebitda was about ₹1.25 trillion($ 14.6 billion). I reiterate that Reliance will more than double its Ebitda by the end of its Golden Decade," says Mukesh Ambani

3:53 PM

RIL AGM LIVE Updates: Jio to serve 6G network by 2030, says Mukesh Ambani

RIL 48th AGM LIVE Updates: Mukesh Ambani says Reliance Jio's 500 million – and growing – subscribers will move to 5G and eventually 6G by 2030.

>> Reliance Retail has leap-frogged from the Top-100 to the Top-25 global retailers – powered by an unbeatable physical-digital-B2B network that reaches every corner of India in just 5 years.

>> Retail will continue to grow in both B2B and B2C spaces with our customer-centric, omni-channel strategy. I can clearly see its revenues grow multi-fold in the coming years:, says Mukesh Ambani

3:49 PM

RIL AGM LIVE Updates: Mukesh Ambani shares 'value creation' roadmap for RIL shareholders

RIL 48th AGM LIVE Updates: Sharing his 'value creation' vision for RIL shareholders, Mukesh Ambani said:

>> I see O2C business achieving substantial growth and delivering stable returns as geopolitical tensions subside.

>> We are well-positioned to produce high-value green fuels and chemicals, which India and the world will need.

>> Our New and Clean Energy business is being built with a singular purpose: to make India self-sufficient in energy, and to resolve India's energy trilemma of security, affordability, and sustainability through world-scale giga manufacturing, through round-the-clock renewable electricity, and through green fuels and chemicals at global scale.

>> I am sure that our New Energy business will be a major driver of growth for many decades, with the potential to become as big as our Oil-to-Chemicals business within the next 5-7 years.

3:49 PM

Stock Market LIVE Updates: 'Markets optimism hinges on progress in trade negotiations'

Stock Market LIVE Updates: "Investor sentiment remained cautious as markets attempted to digest the full impact of the US tariff. The persistence of this issue is likely to heighten the future competitiveness of India's exports in some areas. While generally the pressure is also likely to weigh on INR, driving it to depreciation. Equity benchmarks underperformed, with mid- and small-cap segments particularly affected by risk aversion and stretched valuations. In contrast, FMCG stocks sustained their upward momentum, supported by expectations of GST rate rationalisation and stronger consumer demand. However, the full impact of these on consolidated fiscal in the short term has to be reviewed.

Generally, the market still perceives the tariff-related disruptions as temporary, and optimism hinges on progress in trade negotiations in the future. However, lack of strong interaction between both parties is increasing the uncertainty, adding confusion to the market."

Views by: Vinod Nair, head of research, Geojit Investments Limited

3:45 PM

RIL AGM LIVE Updates: Nita Ambani shares target 2035 for Reliance Foundation

RIL 48th AGM LIVE Updates: By 2035, when Reliance Foundation celebrates its Silver Jubilee, it aims to:

>> Reach 400 million Indians

>> Provide quality education to 300 million school going children

>> Transform the lives of 100 million women

>> Empower 50 million rural households

3:42 PM

Stock Market LIVE Updates: Sectoral markets end broadly in red

Stock Market LIVE Updates: Barring Nifty FMCG, Media, and Consumer Durables, all the other sectoral indices on the NSE settled lower on Friday.

3:41 PM

RIL AGM LIVE Updates: Remain committed to helping India host 2036 Olympic Games, says Nita Ambani

RIL 48th AGM LIVE Updates: Reliance Foundation remains deeply committed to helping realise Prime Minister Narendra Modi's dream of hosting the 2036 Olympic and Paralympic Games in India.

As a member of the International Olympic Committee, I am happy to share that we continue to make strong progress towards this mission, says Nita Ambani.

3:41 PM

Stock Market LIVE Updates: Rupee ends at record low on tariff worries

Stock Market LIVE Updates: The Indian Rupee closed at a record low of 88.20 against the dollar, a decline of 0.58 paise. The fall in the currency comes as 50 per cent US tariffs pose a risk to India's economic growth and corporate earnings.

3:41 PM

Stock Market LIVE Updates: SMIDs settle lower

Stock Market LIVE Updates: Among the broader markets, Nifty Midcap100, and Nifty Smallcap100 indices settled lower by 0.57 per cent, and 0.39 per cent, respectively.

3:38 PM

RIL AGM LIVE Updates: RIL Foundation has reached out to over 23 million children, says Nita Ambani

RIL 48th AGM LIVE Updates: Through our Education and Sports for All programme, we have now reached out to over 23 million children across India, says Nita Ambani.

3:37 PM

Stock Market LIVE Updates: Sensex heatmap

Stock Market LIVE Updates: Here's a glance at the Sensex gainers and losers at the close.

3:36 PM

Stock market LIVE Updates: Most Ambani-owned stocks closed higher amid RIL AGM

Stock market LIVE Updates: Most shares of Mukesh Ambani-owned listed companies closed higher in trade on Friday amid Reliance Industries' 48th AGM. The gains were led by Infomedia Press (up 4.8 per cent), Reliance Industrial Infrastructure (up 0.2 per cent), Jio Financial Services (up 0.5 per cent and GTPL Hathway (up 2.1 per cent). Flagship Reliance Industries ended 2 per cent lower.

3:34 PM