Reliance Industries gained around a percent intraday on Wednesday after research firm CLSA released a positive note on the firm.
The note highlighted that JioPhone is set to drive next leg of growth for Jio after a fabulous first year. Further, it said that the telecom vertical achieved 12 percent subscriber market share one year after its launch.
In fact, it is also very close to becoming the second largest operator in urban areas, the report stated.
Going forward, a ramp-up of its JioPhone will enable it to target untouched feature phone market, it said.
The brokerage also said that start of downstream expansion will drive doubling of EBITDA over FY17-20.
At 12:08 hrs Reliance Industries was quoting at Rs 946.40, up Rs 3.45, or 0.37 percent, on the BSE. It touched an intraday high of Rs 949.80 and an intraday low of Rs 938.00.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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