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Reliance Industries stock rises 2% as Jio adds over 35 lakh subscribers in July

BusinessToday.In     October 13, 2020

Reliance Industries share gained over 2% in trade today after regulator Trai said the company's telecom arm Reliance Jio (RJio) added maximum customers in July. Jio also bagged leadership in wireless subscriber base in the month under review.

Buoyed by the development, share price of RIL gained 2.21% to Rs 2,2285 against previous close of Rs 2,236 on BSE.

The stock has risen 2.08% in two days. Later, RIL stock closed 1.95% higher at Rs 2280 against previous close of Rs 2236. Total 4.10 lakh shares changed hands on BSE amounting to turnover of Rs 92.40 crore.

RIL stock price has gained 3.17% in one week but fallen 1.66% in one month. The stock has gained 50.66% since the beginning of this year and risen 68.61% during last one year. RIL stock trades higher than its 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Market cap of Reliance Industries stood at Rs 15.41 lakh crore.

Latest TRAI data said RJio's net additions in July 2020, stood over 35.54 lakh wireless subscribers, followed by Bharti Airtel adding (32.60 lakh) customers, BSNL (3.88 lakh) customers and Reliance Communication adding just 561 customers. Meanwhile, Vodafone Idea lost over 37 lakh customers.

Reliance Jio's market share stood at 35.03%, followed by Airtel with 27.96% share, Vodafone Idea with 26.34% share and BSNL holding 10.37% share.

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TRAI's data showed that the top five service providers constituted 98.91% market share of the total broadband subscribers at the end of July-20. These service providers were RJio (401.96 million), Bharti Airtel (155.74 million), Vodafone Idea (115.27 million), BSNL (23.03 million) and Atria Convergence (1.69 million).

On September 16, RIL scaled market cap of Rs 16 lakh crore on September 16, 2020. That was the first session in which market cap of RIL crossed Rs 16 lakh crore making it the most valuable company on Indian bourses. During the same session, RIL share gained 2.2% to Rs 2,368, its all-time high, against previous close of Rs 2,317 on BSE.

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