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Indian Stock market; Reliance Industries Shares Surge To 7-1/2-Year High On Plans For Jio
Shares of Reliance Industries Ltd rose as much as 7.7 percent to a more than seven-and-a-half-year high, as investors welcomed plans by the company's Jio telecom unit to start charging for its services, albeit at discounted rates. The gains came after Reliance Jio Infocomm owner Mukesh Ambani unveiled on Tuesday a special plan that would provide customers signing up by the end of March with unlimited data and free voice services for a year at a rate of 303 rupees ($4.52) per month.
The offer is priced below its competitors, but the move to paid services is a step to start charging customers after Reliance launched in September with offers for free data, that are scheduled to run until the end of March. Analysts said the move would help Reliance add more customers and retain a substantial portion of the more than 100 million subscribers it has already added, helping drive up its profit.