RIL stock up 5 per cent; m-cap tops Rs 4 lakh crore

Mukesh Ambani’s telecom unit Reliance Jio will begin charging for data from April

By: ENS Economic Bureau | Mumbai | Published: February 28, 2017 2:24 am
mukesh ambani, ambani, reliance, reliance industries, RIL, jio, jio prices, jio tariff, jio offer, jio call charges, reliance mukesh ambani, reliance profits Reliance Industries Chairman Mukesh Ambani at the Nasscom India Leadership Forum 2017. (PTI Photo)

Shares of Reliance Industries ended at nearly 9-year high with a 5 per cent gain, taking its market valuation beyond the Rs 4-lakh crore mark. The stock ended the day at Rs 1,238.60, up 4.74 per cent on the BSE, the highest closing in nearly 9-years. During the day, it soared 6.24 per cent to a multi-year high of Rs 1,256.50.

The company’s market valuation rose sharply by Rs 18,197.63 crore to Rs 4,01,784.63 crore. RIL is the second company after TCS to cross Rs 4 lakh crore market cap mark. TCS market valuation was at Rs 4,90,419.81 crore. Last Wednesday, the stock had zoomed 11 per cent after its telecom arm Jio said it will start charging for data services from April.

Mukesh Ambani’s telecom unit Reliance Jio will begin charging for data from April, but will give steep discounts for a year to over 100 million customers who have come on board within six months of its launch.

However, the markets fell on the first session of the new derivatives series on Monday, with the BSE Sensex slipping 80 points to 28,813, as investors chose to sit tight ahead of a speech by Donald Trump before the Congress this week.

Despite opening higher, the 30-share Sensex stayed in the negative zone for the most part and touched a low of 28,791.19 as investors booked profits in recent gainers. The index settled down 80.09 points, or 0.28 per cent, at 28,812.88.

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