RIL m-cap crosses Rs 5 lakh crore on Jio's success

the asian age

Business, Companies

Shares of energy giant were trading 1.49 per cent up at Rs 1,553.90 at 12.20 in afternoon.

Reliance Industries chairman Mukesh Ambani has been at the fore of Reliance Jio's launch.

Mumbai: Reliance Industries, oil and gas giant, that is India's most valued firm in terms of market capitalisation  has breached Rs 5 lakh crore mark in its total market valuation. According to a report on The Economic Times, shares of RIL have been on the rising spree since successful launch of Reliance Jio in September last year.

"With market cap of Rs 5,05,287 crore, share of oil-to-telecom conglomerate were trading 1.49 per cent up at Rs 1,553.90 around 12.20 pm," the report said. It further said that the scrip opened at Rs 1,534.30 and touched a high and a low of Rs 1,558.80 and Rs 1,534.30, respectively, in trade so far. 

RIL's telecom arm Reliance Jio had on July 11 announced new tariff plans and revised its Rs 309 scheme. It reduced its validity period for the plan from 84 days to 56 days. However, Jio still offers 84GB data for 84 days for Rs 399 recharge for prepaid users.

“After amassing over 120 million subscribers, RJio is now focusing on pushing up the Arpu (average revenue per user) to improve its profitability,” ET quoted rating agency Icra as saying.