Reliance Industries (RIL) share price rose over 3 percent intraday to Rs 2,497.90 on November 29 after its telecom arm increased the prepaid mobile tariff rates by 20 percent.
The revised tariff rates will be effective from December 1, Jio said in a press release.
The new tariff plans are in line with its commitment to further strengthen a sustainable telecom industry, said Jio.
“These plans will provide the best value in the industry. Upholding the Jio promise of providing the best-quality service at the lowest price globally, Jio customers will continue to be the biggest beneficiaries,” it added.
The revised plans can be opted from all existing touchpoints and channels, Jio added.
Brokerage house Motilal Oswal has reiterated buy with a target price of Rs 2,900.
RIL, in the last year, has seen strong deleveraging on the back of value unlocking in the consumer business, which has aided valuations.
The consumer businesses – RJio and Reliance Retail are richly valued given their strong growth potential. We see price hikes in the telecom business and revival in the retail business – led by strong growth potential in JioMart – as key levers for the stock over the next two years, Motilal Oswal added
At 09:57 hrs, Reliance Industries was quoting at Rs 2,478.30, up Rs 66.15, or 2.74 percent on the BSE.
The stock touched a 52-week high of Rs 2,750 and a 52-week low of Rs 1,830 on 19 October, 2021 and 29 January, 2021, respectively.
Currently, it is trading 9.88 percent below its 52-week high and 35.43 percent above its 52-week low.Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.