Shares of Reliance Industries (RIL) on Tuesday spiked almost 10 per cent to add Rs 71,638 crore to its market valuation as investors cheered the proposed induction of Saudi Aramco in its oil-to- chemical business and the road map set for debt reduction.

This came even as analysts remain divided on the valuation of $75 billion for the oils business, with some pointing out that the Aramco had paid more.

On the BSE, the RIL share jumped 9.72 per cent to close at Rs 1,275, which is the single biggest one-day gain in a decade. During intra-day trade, it zoomed 12.09 per cent to Rs 1,302.50. It was the top gainer among the 30-front line companies on Sensex.

On the NSE, the shares rose 9.74 per cent to close at Rs 1,275.30. The rally in the scrip saw the company’s market valuation rising Rs 71,637.78 crore to Rs 8,08,233.78 crore.

On Aramco picking up a 20 per cent stake at an enterprise value of $75 billion, analysts at CLSA said: “This valuation is just 4 per cent higher than what we ascribe to these businesses in our SoTP (sum of the parts) valuation.’’

The string of good news emerging from the AGM saw at least seven brokerages upgrading their rating, while eight of them raised their target price for the stock. The average target price increased from Rs 1,396 pre AGM to Rs 1,421 post AGM

Credit Suisse maintained its underperform rating on the RIL scrip and said Aramco’s valuation was higher than its estimate of $61 billion.

However, Morgan Stanley had a different view. It said that the enterprise value of $75 billion was 3 per cent below its base case.

The valuation of the oil business was in line with the estimates of Nomura.