Reliance Industries share price continued to gain on Monday, rising as much as 3.6 percent to hit a fresh record high of Rs 943.45 after hike in tariff rates before Diwali.
In fact, the stock has been on buyers’ radar in 2017, especially after the company started charging customers from April 1. Q2FY18 was the first quarter where the company showed revenue for Jio business. It posted a loss of Rs 270.6 crore during the quarter.
The share price has gained nearly 75 percent during the current calendar year and over 20 percent in October, so far. The rally was also on hopes of likely stabilisation in pricing war in telecom sector.
Lot of analysts expect the telecom business to report profit in October-December quarter, after better-than-expected earnings in September quarter. On top of it, they expect the company to make changes in tariff rates as well as plans to keep Jio business strong.
Reliance Jio, on October 18, increased tariff for its popular 84-day plan by 15 percent to Rs 459, under which subscribers get 1GB 4G data at high speed per day.
However, subscribers of Rs 149 plan gets 4GB of data for each billing cycle of 28 days under the new scheme “Diwali Dhamaka” compared to 2GB being offered at present.
It has also reduced recharge tariff for lower denomination and short-term plans besides offering data benefits under the schemes.
Jio introduced plan for Rs 52 with one-week validity and Rs 98 with 2 weeks that will offer its customers free voice, SMS, unlimited data (0.15 GB daily), as per its website.
All plans of Jio continue to offer unlimited voice calls even during roaming.
The company also reduced benefit under Rs 509 scheme, which offers 2GB of data per day, by reducing its validity or billing cycle from 56 days to 49. According, data at high speed gets reduced to 98 GB from 112 GB under previous scheme. Under this plan, data cost will be Rs 5.2 per GB.
The Rs 999 plan which offered 90 GB of 4G data without cut in download speed will now offer 60 GB at high speed data for 3 months.
Jio introduced Rs 1,999 plan which will have six months validity and offer 125 GB data at unrestricted high speed.
Under the new scheme, the validity of plan priced at Rs 4,999 will be for a year instead of 210 days under the previous scheme. However, customers opting for it will get unrestricted access to 350 GB high speed data for the plan period compared to 380 GB offered earlier for same price.
At 15:08 hours IST, the stock price was quoting at Rs 937.00, up Rs 26.65, or 2.93 percent on the BSE.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
15th Meeting of the GST Council to be held tomorrow, 3rd June, 2017 – Approval of amendments to the draft GST Rules and related forms and Finalisation of the rates of tax and cess on the remaining commodities are on the Agenda among others for tomorrow’s meeting.
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