Tariff hike shows its magic, Reliance shares surge, market cap crosses Rs 21 lakh crore
In terms of volume, 10.33 lakh shares of Reliance were traded on BSE and 14.47 crore shares on NSE on Friday. So far this year, Reliance Industries shares have jumped 21.16 percent on BSE. Reliance Industries Limited (RIL) became the first Indian company to achieve a market cap of Rs 20 lakh crore on February 13 this year.
Shares of Reliance Industries, owned by billionaire businessman Mukesh Ambani, rose more than 2 percent on Friday. With this, the company's market cap crossed Rs 21 lakh crore. Reliance shares closed 2.31 percent higher at Rs 3,131.85 on BSE. At one point during trading, it jumped 3.27 percent to a record high of Rs 3,161.45.
Reliance Industries was the biggest gainer among the 30 stocks of BSE Sensex. If we talk about NSE, the shares of Mukesh Ambani's company closed at Rs 3,128.25, up 2.19 percent. Reliance's market cap rose by Rs 47,777.57 crore to Rs 21,18,951.20 crore. Reliance Industries is the most valuable company in the country in terms of market cap.
On Friday, 10.33 lakh Reliance shares were traded on the BSE, with 14.47 crore shares exchanged on the NSE. This year, Reliance Industries shares have risen 21.16 percent on the BSE. Reliance Industries Limited (RIL) became the first Indian firm to reach a market capitalization of Rs 20 lakh crore on February 13, this year.
On Thursday, Jio Infocomm, a subsidiary of Reliance Industries, upped its tariff plan by roughly 20%. This is the first time in two years that the telecom firm has raised its rate plans. Brokerage firms predict that this will boost Jio's average per-user revenue (ARPU).
At present, Jio's ARPU is around Rs 180. Brokerage believes that it will increase to Rs 223 by 2025. This will have a positive impact on the income of Reliance Group. This is the reason why investors are buying Reliance shares in large numbers.
