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Reliance Industries shares touch fresh all-time high, market cap inches closer to Rs 10 lakh crore

Reliance Industries (RIL) hit a fresh all-time high of Rs 1,571.85 apiece in the intraday trade on the BSE on Wednesday. The market cap of the company inched near Rs 10 lakh crore mark.

By: Express Web Desk | New Delhi | Updated: November 20, 2019 5:19:12 pm
reliance industries, ril On Tuesday after the market hours, RIL announced that it will be raising phone call and data tariffs for the customers of its telecom arm Reliance Jio in the next few weeks in compliance with rules.

Shares of Reliance Industries (RIL) continued their upswing in the markets and rose to a fresh record high of Rs 1,571.85 per share on BSE during the intraday trade on Wednesday, up 4.11 per cent from the previous close.

During the market process, the market capitalisation of the company inched closer to the Rs 10 lakh crore mark. The oil-to-telecom company became the first company on Tuesday to go past the 9.50 lakh crore market cap.

The stock eventually ended the day at Rs 1547.05 apiece on the BSE, rising by Rs 37.25 or 2.47 per cent. The market-cap stood at Rs 9,80,699.59 crore at the end of trade on Wednesday, according to data available on BSE. On NSE, the stock ended at Rs 1,548.50, up Rs 38.75 or 2.57 per cent.

On Tuesday after the market hours, RIL announced that it will be raising phone call and data tariffs for the customers of its telecom arm Reliance Jio in the next few weeks in compliance with rules.

“We understand that TRAI is likely to initiate a consultation process for revision of telecom tariffs. Like other operators, we will also work with the government and comply with the regulatory regime to strengthen the industry to benefit Indian consumers and take measures including appropriate increase in tariffs in next few weeks in a manner that does not adversely impact data consumption or growth in digital adoption and sustains investments,” RIL’s Jio said in an exchange filing to the BSE.

The announcement comes barely a couple of days after fellow competitors Bharti Airtel and Vodafone Idea said that they will raise tariffs from December 1 to cut down on losses.

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