Shares of Reliance Industries Ltd rose 3 percent today, registering gains for the second straight trading session amid its telecom venture seeing 72 million paid customers. On BSE, the stock climbed 3.19 percent to settle to Rs 1,414.90. It reached a high of Rs 1,417.95 during intra-day trade after opening at Rs 1,388. The stock ended the day on NSE at Rs 1,415.05, up 2.94 percent from the previous close. It opened at Rs 1,395.20 and touched a high of Rs 1,418 intra-day. Also Read - Zoom releases statement after JioMeet trolled for similaritiesAlso Read - Jio Platforms stake sale: Intel becomes 11th investor with Rs 1,894.50 crore investment
On the volume front, over 1.01 crore shares of the firm exchanged hands on the bourses. Led by the gain in the stock, the company’s market capitalization went up by Rs 15,261.62 crore to Rs 4,60,023.18 crore. Last week, Reliance Jio had announced that it had signed up 72 million paid subscribers.
On the enrollment of paid subscribers, Moody’s Investors Service today said, “This is credit positive as the subscriber enrollment reduces cash flow uncertainty of the telecom business, on which RIL has spent over Rs 1.7 trillion (Rs 1,70,000 crore) over the last six years.” ALSO READ: Reliance Jio Prime: 72 million subscribers added, deadline extended to April 15, new Summer Surprise offer announced
Moody’s calculation shows that Jio will be able to generate revenue of about Rs 213 billion (Rs 21,300 crore) for the current financial year, assuming all 72 million users pay Rs 303 per 28 days between July 2017 and March 2018.