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Jio listing propels Reliance past Tata Group as India's biggest conglomerate. , ET Bureau Last Updated: Oct 29, 2026, 07:44:00 AM IST The listing of Jio Platforms has significantly impacted India's corporate rankings, with Reliance Industries regaining the top position. Reliance's market capitalisation rose to approximately ₹30.26 lakh crore, overtaking the Tata Group. Jio's shares closed at ₹1,417.35, reflecting a 26.66% premium over the issue price. This transition highlights the challenges faced by other conglomerates, such as the Tata Group and Mahindra Group. Mumbai: The listing of Jio Platforms has reshaped India's corporate pecking order, propelling the Mukesh Ambani-led Reliance Industries back to the top of the country's conglomerate rankings by market capitalisation. Reliance Industries' combined market cap rose to roughly ₹30.26 lakh crore on October 28, overtaking the Tata Group 's ₹25.39 lakh crore and reclaiming the top position for the first time since October 2020, according to ET Intelligence calculations based on listed group companies. Adani Group ranked third with a market capitalisation of ₹16.8 lakh crore, followed by Bharti Telecom Group at ₹13.98 lakh crore and Bajaj Group at ₹13.32 lakh crore. The change was driven by Jio Platforms' stock market debut on Wednesday. The company's shares closed at ₹1,417.35, a premium of 26.66% over the issue price of ₹1,119, adding ₹13.05 lakh crore to the group. Before Jio's listing, Reliance Industries Group's listed companies had a combined market capitalisation of around ₹17.78 lakh crore, compared with ₹25.5 lakh crore for Tata Group companies. The listing effectively added a new large business to the group's listed universe and altered the balance among India's largest conglomerates. The rankings also reflect a challenging year for some of India's largest business houses. Tata Group's market capitalisation has declined 12.9% so far in 2026, while Mahindra Group is down 15.7% and Larsen & Toubro Group has fallen 13.5%. Reliance Industries' group market cap also came under pressure before the Jio listing, led by a decline in Reliance Industries shares. Not all large conglomerates have struggled. Adani Group's combined market capitalisation has risen by 13.8% in 2026. Read More News on (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts,.)

Ambuja Cements Q2 net profit plunges 90 pc as margins come under pressure. Revenue rose 0.2 per cent to ₹9,197 crore, but EBITDA fell 27.9 per cent as higher fuel, logistics and packaging costs weighed on profitability amid seasonal demand weakness. Total cost stood at ₹4,410 per tonne during the quarter, compared with ₹4,182 excluding the impact of geopolitical conflicts, the company said (Photo: Bloomberg) Ambuja Cements Ltd reported a 90 per cent year-on-year plunge in consolidated net profit to ₹236 crore for the September quarter, as higher fuel and logistics costs and seasonal weakness squeezed operating margins at the Adani Group company. The year-earlier profit of ₹2,336 crore included a ₹1,697 crore reversal of an income-tax provision, tempering the significance of the reported decline. Revenue from operations rose 0.2 per cent to ₹9,197 crore in the quarter ended September 30, while operating earnings before interest, tax, depreciation and amortisation (EBITDA) fell 27.9 per cent to ₹1,271 crore, the company said in its earnings release. Cement sales volume declined 0.6 per cent year-on-year to 16.5 million tonnes. EBITDA per tonne fell to ₹770 from ₹1,061 a year earlier, while the EBITDA margin contracted to 13.8 per cent from 19.2 per cent. Ambuja attributed the pressure to higher petcoke and coal prices, constrained coal availability, and increased diesel and packaging costs, alongside geopolitical uncertainty and monsoon-related headwinds. Despite the pressure on earnings, the company strengthened its sales mix, with trade volumes rising 8.6 per cent year-on-year and trade sales accounting for 74 per cent of total volumes, up six percentage points. Premium products increased to 37 per cent of trade sales from 35 per cent a year earlier. "Our Q2 and H1 FY'27 performance underscores Ambuja's focus on quality growth despite seasonal and external headwinds," Vinod Bahety, whole-time director and chief executive officer, said. "Strengthening trade and premium product mix improved revenue quality, while disciplined execution and cost management supported profitability." The company reduced its primary lead distance to 254 km from 265 km a year earlier, partly offsetting higher diesel costs. Its share of green power rose to 61 per cent from 41 per cent, while net power cost declined to ₹4.8 per kilowatt-hour from ₹6 a year earlier. Total cost stood at ₹4,410 per tonne during the quarter, compared with ₹4,182 excluding the impact of geopolitical conflicts, the company said. Ambuja reiterated its target of reducing costs to ₹4,250 per tonne by the end of FY27. The company commissioned 4.6 million tonnes per annum (MTPA) of capacity during the quarter at Dahej, Salai Banwa and Kalamboli. Another 3.2 MTPA at Bathinda and Jodhpur Penna is being stabilised and ramped up, while 2.4 MTPA at Warisaliganj is expected to be commissioned in the second half of FY27. Ambuja expects volumes to grow faster than the industry in the second half, supported by stronger trade sales and calibrated institutional volumes. It also expects renewable power, new capacity and additional incentives to support performance. The company said the industry had recently raised cement prices by ₹10-15 per bag and expected further improvement over the next couple of months. The extent to which pricing gains offset elevated input costs will be key to a recovery in margins. Separately, shareholders have approved the proposed amalgamation of ACC Ltd and Orient Cement Ltd with Ambuja, advancing the group's plan to consolidate its cement businesses under a single platform. The schemes are subject to regulatory, statutory and National Company Law Tribunal approvals, with completion expected in FY27. Ambuja reported a debt-free balance sheet, net worth of ₹72,238 crore and cash and cash equivalents of ₹1,070 crore at the end of September. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Adani Group explores €3 billion acquisition of Dutch energy storage firm VTTI. Adani Group is exploring a potential acquisition of Dutch energy storage company VTTI in a deal that could value the business at approximately €3 billion (US$3.4 billion), according to a Bloomberg report. The potential transaction could expand the Indian conglomerate's international energy infrastructure portfolio as global supply disruptions increase the strategic importance of fuel storage facilities. Adani Group is among the prospective buyers evaluating VTTI, which is headquartered in Rotterdam, the Netherlands. Discussions are ongoing, and there is no certainty that they will result in a transaction. Other potential bidders are also pursuing an investment in the company. VTTI's global energy storage operations. VTTI operates a global network of terminals used to store fuels and chemicals, including fossil fuels, biofuels and solvents. Its infrastructure supports energy storage and trading activities across international markets. The company's ownership is divided among Australian infrastructure investment manager IFM Investors and energy and commodities group Vitol, which each hold approximately 45% stakes, while Abu Dhabi National Oil Company (ADNOC) owns the remaining 10%. ADNOC is considering a complete exit from VTTI, while the other shareholders may also explore reducing their stakes as part of a potential transaction, according to people familiar with the discussions. Representatives of IFM Investors, ADNOC and VTTI declined to comment on the discussions. Vitol did not immediately respond to requests for comment, while an Adani Group representative had not immediately responded to queries at the time of the report. Adani Group expands overseas acquisition plans. The potential acquisition would add to Adani Group's international expansion efforts across infrastructure and energy-related businesses. The conglomerate's portfolio includes airports, roads, data centres, mining and defence assets, alongside its power and port operations. In July 2026, Adani Enterprises, the group's flagship listed company, raised ₹15,000 crore through institutional investors to support capital expenditure and potential debt repayment. The group has also explored overseas infrastructure acquisitions. It recently considered acquiring a stake in Associated British Ports, the UK's largest port operator. However, IFM Investors ultimately secured the transaction in October 2026, with the deal valuing the business at approximately £10 billion (US$13.4 billion). Potential implications for energy storage infrastructure. A potential investment in VTTI would give Adani Group access to an established international network of fuel and chemical storage terminals. Such facilities play a role in storing energy commodities, supporting supply chains and facilitating trading across global markets. However, VTTI's operations primarily involve fuel and chemical storage infrastructure rather than battery energy storage systems (BESS). Any acquisition would therefore represent an expansion into conventional energy storage and terminal infrastructure, rather than directly adding battery manufacturing or grid-scale battery storage capacity. The proposed transaction remains under consideration, with the final outcome dependent on negotiations among the prospective buyer and VTTI's existing shareholders.