Reliance Industries share rose over 2% today after chairman and managing director Mukesh Ambani said Reliance Jio has plans to launch 5G services in the second half of 2021. RIL share gained 2.87% to Rs 2,014 against previous close of Rs 1,958 on BSE.
The stock gained 2.42% in the last two days. The share trades higher than 5 day, 20 day and 200 day moving averages but lower than 50 day and 100 day moving averages.
The large cap share has gained 28.22% in one year and risen 31.68% since the beginning of this year.
Market cap of the firm rose to Rs 12.50 lakh crore. Later, the share closed 1.82% higher at Rs 1,993 on BSE.
Speaking at the India Mobile Congress, Ambani said policy steps are needed to accelerate an early rollout of 5G, and to make it affordable and available everywhere.
"I assure you that Jio will pioneer the 5G Revolution in India in the second half of 2021. It will be powered by indigenous-developed network, hardware and technology components. Jio's 5G service will be a testimony to your inspiring vision of Aatmanirbhar Bharat," Ambani said.
Presenting ideas for consideration, Ambani urged that policy steps are needed to ensure that the underprivileged people (who are still stuck in the 2G era) have an affordable smartphone, so that they too can benefit from Direct Benefit Transfer into their bank accounts, and actively participate in the Digital Economy. Also, policy steps are needed to accelerate the early rollout of 5G and to make it affordable and available everywhere.
Meanwhile, Sensex rose 181 points at 45,608, a record closing high. Nifty too rose 37 points to 13,392, a fresh closing high. Intra day, both indices touched all-time highs with Sensex hitting 45,742 and Nifty touching 13,435 for the first time.