Ways2Capital : Jio Reebies' Extension Breathes New Life Into RIL Stock Jumps 11.09%

Reliance Industries scrip has jumped 11.09% in Wednesday's trade and closed at Rs 1208.90, which is nearly nine year closing high, owing largely to the pricing, set by Jio for its customers. Reliance Industries' scrip clocked a multi-year high as investors cheered the announcements made by chairman & managing director, Mukesh Ambani for Jio customers.

The scrip soared to a high of 1211.65 intraday on NSE and was the biggest contributor to the benchmarks' gains, Nifty and Sensex. The stock in post afternoon trade hit Rs 1200-mark for the first time since May 19, 2009.

Ambani on February 21 announced offers for its existing Jio customers as a reward for their loyalty to the brand. Expressing gratitude to Jio's first 100 million users, Mukesh Ambani said that customers coming on board before April 1 will be eligible to avail a 'Jio Prime' membership, enrollment for which will start from March 1 onwards. At a one-time fee of Rs 99, existing Jio customers could get Jio’s services for one year at a price of Rs 303 per month from April 1, 2017. Jio notched the 100-million customer mark within just 170 days of its launch.

In the past one week, the stock has risen over 11 % and has also shown strong movements in the past three days as well, posting a near 9 % gain. The stock has biggest one day gain since May 18, 2009. The market capitalisation of Reliance Industries rose by Rs 36200 cr today; which is more than the market capitalisation of Idea Cellular (Rs 35900 cr). Also the trading volumes today were highest in last seven years.

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