The share price of Reliance Industries (RIL) rose 3.4% on Friday to hit a nine-year high. The company’s market capitalisation on Friday, 7th July 2017 was Rs4.84lakh crore. The petrochemicals giant recently forayed into the mobile telephony space via RJio and has managed to garner more than 70 million subscribers.
A total of 88.71 lakh shares were traded in the counters of BSE and NSE, 1.97 times more than its three-month daily average of 44.95 lakh shares. The company is understood to be gearing up to launch a 4G VoLTE feature phone at a very attractive price. Market participants said the 4G VoLTE feature phone could be launched as early as this month and could further disrupt in the telecom market.
Reliance’s shares have been on the rise after its telecom arm Jio announced that it will charge its customers in February and revenue growth in its core business.
In February 2017, the RIL stock crossed the Rs4 lakh crore-mark in terms of market capitalisation for the first time since May 2008.
The stock has risen 38.8% from February 21 – the day its telecom arm Jio announced that it will charge its users from April 2017. Last April, the company reported an 11.5% (y-o-y) jump in consolidated net profit to Rs 8,053 crore.