Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Reliance Shares See Biggest Intraday Rise of 12% in Over 10 Yrs as Mukesh Ambani Rolls Out Roadmap

The spike has put the company within touching distance of becoming the highest-valued Indian company again.

Reuters

Updated:August 13, 2019, 3:29 PM IST
facebookTwitterskypewhatsapp
Reliance Shares See Biggest Intraday Rise of 12% in Over 10 Yrs as Mukesh Ambani Rolls Out Roadmap
Reliance Industries Limited chairman Mukesh Ambani.
Loading...

Bengaluru: Reliance Industries shares saw their biggest intraday rise in a more than a decade on Tuesday, after it set a target to reach zero net debt within 18 months and vowed to reward shareholders with higher dividends and periodic bonus issues.

The group's billionaire chairman, Mukesh Ambani, also unveiled plans to launch cut-price home internet services across India next month, threatening to disrupt the telco market with offers of free voice calls for life, television and movie streaming, and even TV sets to go with some subscription plans.

The announcements drove Reliance shares up as much as 12% — its biggest such move since January 14, 2009. The spike has put the company within touching distance of becoming the highest-valued Indian company again. Currently, it trails Tata Consultancy Services by slightly more than $1 billion.

But shares of telecom majors Bharti Airtel fell 4% and Vodafone Idea slid almost 5% as the announcements spurred worries of a repeat of what happened just three years ago when Reliance's Jio burst on to the scene.

Jio, with cheap data plans and freebies, has managed to become India's top mobile operator by subscribers and the second-biggest globally over the three years.

Ambani said, at Reliance's annual general meeting (AGM) on Monday, that customers of Reliance's Premium Jiofiber broadband services "will be able to watch movies in their living rooms the same day these movies are released in theatres".

Shares of multiplex chain operators PVR and Inox Leisure fell as much as 8% and 10%, respectively, on the news, after trading resumed following a holiday on Monday. Shares in Dish TV India were also down.

As of 0606 GMT, Reliance shares were up about 10%, while the broader market was down slightly.

Reliance shares were also buoyed by the news that Saudi Aramco plans to invest roughly $15 billion for a 20% stake in its oil-to-chemicals business.​

Disclaimer: News18.com is part of Network18 Media & Investment Limited which is owned by Reliance Industries Limited.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 65.40 -8.15
Maruti Suzuki 6,228.90 0.61
Indiabulls Hsg 483.55 -7.26
Tata Motors 112.40 -9.25
SBI 277.40 -2.22
Company Price Change %Gain
Maruti Suzuki 6,222.95 0.39
Yes Bank 65.40 -8.21
Indiabulls Hsg 482.85 -7.40
Abbott India 8,945.00 -0.59
Tata Motors 112.30 -9.29
Top Gainers
Company Price Change %Gain
Hero Motocorp 2,714.25 1.69
Infosys 799.45 0.85
Bajaj Auto 2,764.80 0.80
Eicher Motors 16,000.50 0.66
Maruti Suzuki 6,228.90 0.61
Company Price Change %Gain
Hero Motocorp 2,716.90 1.78
Infosys 799.55 0.84
Bajaj Auto 2,761.75 0.69
HUL 1,854.00 0.70
Maruti Suzuki 6,222.95 0.39
Top Losers
Company Price Change %Gain
Tata Motors 112.40 -9.25
Yes Bank 65.40 -8.15
Indiabulls Hsg 483.55 -7.26
Tata Steel 343.00 -4.26
BPCL 327.80 -4.22
Company Price Change %Gain
Tata Motors 112.30 -9.29
Yes Bank 65.40 -8.21
Tata Steel 343.05 -4.26
Coal India 188.75 -3.33
ONGC 121.15 -3.12

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results