The shares of Mukesh Ambani’s Reliance Industries hit a nine-year high in morning trade on Wednesday. The stocks were trading 2% higher at Rs 1,525 per share on the Bombay Stock Exchange, compared with the previous closing of Rs 1,495.2.
The surge was seen after the announcement of revised Reliance Jio subscription plans. The new tariff plan was revealed after market hours on Tuesday.
The company announced three new plans – 84GB for 84 days at Rs 399, 20GB with no daily cap for 56 days for Rs 349, and Rs 999 for 90GB data with 90 days validity and no daily cap.
Jio Prime Members using postpaid subscriptions can get unlimited data for three months with their Rs 399 plan, which comes with three months’ validity.
The daily usage has been capped at 1GB under the Fair Usage Policy. The internet speed will automatically come down from 4G to 128kbps as soon as 1GB is consumed in a day.
“Over and above the Prime exclusive plans, Jio is introducing new Every Day More Value (EDMV) plans,” the company had said in its BSE filing. “These plans provide 20% more value than competitors’ best plans. It’s Jio’s solemn promise to always offer better value for the best price.”
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