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Reliance Industries shares rise up to 4.8% on last day of Jio offer

LiveMint logoLiveMint 31-03-2017 Ravindra N. Sonavane

Mumbai: Shares of Reliance Industries Ltd (RIL) rose as much as 4.8% on Friday, the last day of a promotional offer by its telecom subsidiary Reliance Jio Infocomm Ltd.

Starting 1 April, Jio will start charging for its services.

The stock touched a high of Rs 1,332 on the BSE earlier in the day. At 2pm, it was trading at Rs 1328.80, up 4.7% from its previous close, while India’s benchmark Sensex was down 0.14% at 29606.15 points.

RIL shares are up over 21% since 21 February when Jio announced that it will end free services and start charging its users from 1 April, after analysts started upgrading the stock on the hopes that the revenue generation for its telecom venture.

Earlier, PTI reported that Reliance Jio, which has more than 100 million users, has managed to get nearly 50 million subscribers for its Prime subscription that offers substantial data and free voice calls. According to the plan, users will have to pay a one-time fee of Rs 99 and then recharge their prepaid numbers once a month.

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