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Reliance Jio’s ₹303 plan has not only brought cheer to its 100 million mobile users but also to Reliance Industries Ltd’s investors. RIL shares hit an eight-year high on Wednesday as it rose 11 per cent to close at ₹1,207 a piece. The stock had risen to this extent last in June 2009.
“Reliance had a huge fillip in the market today, primarily based on the tariff plans that it announced yesterday, which now offer cash-flow stability as far as the telecom vertical is concerned. A substantial part of the capital expenditure programme that Reliance had embarked upon in the previous few years is now getting converted into productive assets and that would reflect positively on earnings and cash flows,” said Angel Broking.
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