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RIL share rises nearly 2% after Jio gains 2.5 million subscribers in July

As per TRAI's report, Reliance Jio is leading the wireless subscriber market share, with 40.08 crore subscribers

twitter-logoBusinessToday.In | October 19, 2020 | Updated 17:37 IST
RIL share rises nearly 2% after Jio gains 2.5 million subscribers in July
With this, Reliance Jio also became the first mobile services provider in India to cross the 400 million customer mark

Share of index heavyweight Reliance Industries, India's most valuable company, rose as much as 2.4% in Monday's opening trade after its telecom arm Reliance Jio gained about 2.5 million subscribers in July.

With this, Reliance Jio also became the first mobile services provider in India to cross the 400 million customer mark.

As per TRAI's report, Reliance Jio is leading the wireless subscriber market share, with 40.08 crore subscribers.

While Reliance Jio gained 2.5 million active subscribers in July, its rivals Airtel and Vodafone Idea lost 0.4 million and 3.8 million active users, as per the latest TRAI data.

Following the news, Reliance Industries share gained 2.4% to hit an intraday high of Rs 2,228.40 on BSE against the last closing value of Rs 2,175.50. The stock also touched an intraday low of Rs 2,156 today, after opening at Rs 2,175.

Share of RIL has gained 43% since the beginning of the year. Market capitalisation of the large-cap stock stood at Rs 13,79,328 crore as of today's session.

RIL stock price has gained after 2 days of consecutive fall. The stock trades higher than 100 and 200-day moving averages but lower than 5, 20 and 50-day moving averages.

As per Axis Capital report, Airtel had led the tally with 311 million active users in June this year, as against Jio's 310 million and VIL's 273 million.

Meanwhile, brokerage Nomura in its note said Jio was the only telco with higher active subscribers month-on-month this time and had regained its lead in the category.

As per the brokerage, Jio added 3.5 million wireless subscribers to surge past the 400 million mark, and continues to lead with highest monthly net adds among telcos

In another update, Reliance Retail Ventures Limited, a subsidiary of Reliance Industries received subscription amounts of Rs 6247.50 from MIC Redwood 1 RSC Limited (Mubadala) and Rs 5512.50 crore from Platinum Owl C 2018 RSC Limited (acting in its capacity as trustee of Platinum Jasmine A 2018 Trust) (ADIA).

"Reliance Retail Ventures Limited, a subsidiary of the Company, today received the subscription amount of Rs 5512.50 crore from Gamnat Pte Ltd and Lathe Investment Pte. Ltd. (GIC) and allotted in the aggregate 80,798,827 equity shares to GIC," RIL said in an exchange filing.

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