Reliance Industries shares surge 3% on Jio’s 72 million customersbusiness Updated: Apr 05, 2017 18:54 IST
Commuters are reflected on an advertisement of Reliance Industries' Jio telecoms unit, at a bus stop in Mumbai, India, February 21, 2017.(REUTERS)
Shares of Reliance Industries Ltd rose 3% today, registering gains for the second straight trading session amid its telecom venture seeing 72 million paid customers.
On BSE, the stock climbed 3.19% to settle to Rs 1,414.90. It reached a high of Rs 1,417.95 during intra-day trade after opening at Rs 1,388.
The stock ended the day on NSE at Rs 1,415.05, up 2.94 per cent from the previous close. It opened at Rs 1,395.20 and touched a high of Rs 1,418 intra-day.
On the volume front, over 1.01 crore shares of the firm exchanged hands on the bourses.
Led by the gain in the stock, the company’s market capitalisation went up by Rs 15,261.62 crore to Rs 4,60,023.18 crore.
Last week, Reliance Jio had announced that it had signed up 72 million paid subscribers.
On the enrolment of paid subscribers, Moody’s Investors Service today said, “This is credit positive as the subscriber enrolment reduces cash flow uncertainty of the telecom business, on which RIL has spent over Rs 1.7 trillion (Rs 1,70,000 crore) over the last six years.”
Moody’s calculation shows that Jio will be able to generate revenue of about Rs 213 billion (Rs 21,300 crore) for the current financial year, assuming all 72 million users pay Rs 303 per 28 days between July 2017 and March 2018.
First Published: Apr 05, 2017 18:54 IST