Reliance Industries shares saw their biggest intraday rise for first time in last 10 years today on Tuesday Aug, 13,2019.All it happened as it set to reach zero net debt within 18 months and vowed to reward its shareholders with more dividends and periodic bonus issues.
The group’s billionaire chairman, Mukesh Ambani, also unveiled plans to launch cut-price home internet services across India in next month, which seems to threaten & disrupt the telecommunications market with offers of lifetime free voice calls, television and movie streaming, and even TV set top box to go FREE with some subscription plans.
The announcements drove Reliance Industries shares up as much as 12 per cent – their biggest intraday move since January 14, 2009.
The rise has put Reliance Industries becoming the highest-valued Indian company again along with TCS.
Jio, with cheap data plans and freebies, has managed to become the country’s top mobile operator by gaining 34 Cr subscribers and the second-biggest in the world over the three years.
Mr Ambani said, at Reliance’s annual general meeting (AGM) on Monday, that customers of Reliance’s Premium Jiofiber broadband services “will be able to watch movies in their living rooms at the same day these movies are released in theatres”.
Reliance Industries shares were also buoyed by the news that Saudi Aramco plans to invest roughly $15 billion for a 20 per cent stake in RIL’s oil-to-chemicals business