Mumbai: Shares of Reliance Industries Ltd (RIL) rose as much as 5.25% on Friday, the last day of a promotional offer by its telecom subsidiary Reliance Jio Infocomm Ltd.
The stock touched a high of Rs 1,336 on the BSE earlier in the day. At 2pm, it was trading at Rs1,328.80, up 4.7% from its previous close, while India’s benchmark Sensex was down 0.14% at 29606.15 points.
However, the scrip erased early gains and closed up 3.93% at Rs1,319.20.
RIL shares are up over 21% since 21 February when Jio announced that it will end free services and start charging its users from 1 April, after analysts started upgrading the stock on the hopes that the revenue generation for its telecom venture.
Earlier, PTI reported that Reliance Jio, which has more than 100 million users, has managed to get nearly 50 million subscribers for its Prime subscription that offers substantial data and free voice calls. According to the plan, users will have to pay a one-time fee of Rs 99 and then recharge their prepaid numbers once a month.
