Reliance Industries stock closes 3.76 per cent higher post 40th annual general meeting

The Reliance Industries stock hit a 52-week high ahead of its 40th annual general meeting which begun today.

The RIL stock pushed the market higher by almost 50 points in early trade. At 9:53 am, the stock was trading 3 percent or 46.20 points higher at 1574 level on the BSE.

The AGM started at 11:00 am in Birla Matoshri Sabhagar in Mumbai.

Analysts say the stock may reach its new nine-year high, citing likely announcements in the Reliance Industries AGM event today where it is likely to launch a new 4G Jio phone at an unexpected price tag of Rs 500.

The stock closed 3.76 per cent or 57.50 points higher at 1,586 level on the BSE.

Here are the live updates on the movement of Reliance Industries and telecom stocks affected by RIL's entry into the  telecom sector.

11:59 am: Mukesh Ambani announces the launch of Jio phone at Rs 1500 (refundable amount) after three years. Bharti Airtel stock falls 3 percent  or 12 points at 407.55 level. Idea Cellular falls 5 percent.

11:44 am: RIL stock still trading 3.11 percent or 47.55 points higher at 1576 level on the BSE.

11:33 am: The Idea Cellular stock was down 2.48 percent or 2.35 points at 92.50 level. Reliance Communications was trading 0.61 percent or 0.15 points lower at 24.30 points.

11:20 am: Bharti Airtel stock trading 2.10 percent or 8 points lower at 410 points on the BSE

11:18 am: Mukesh Ambani starts speaking on his telco business Reliance Jio.

11:08 am: The RIL stock was trading 3.50 percent higher, 53.50 points higher at 1582 points on the BSE. 

11:00 am: Reliance Industries chairman Mukesh Ambani begins his speech.

Brokerage HSBC has pegged the price of the handset at as low as Rs 500, that would usher in another wave of disruption in the telecom market.

Reliance Industries could also announce a new tariff plan with aggressive price points for Jio consumers with its 84 day 'Dhan Dhana Dhan Offer' coming to an end on April 11.  

On Thursday, the telecom to oil sector conglomerate on Thursday announced a 28 percent rise in its Q1 net profit to Rs 9,108 crore.

The healthy rise in earnings can be attributed to robust performance by its core businesses - refining margins soared to a nine-year high of $11.9 per barrel, while profitability of the petrochemicals business rose to a record.