Shares of Reliance Industries Limited on Monday gained over 1 per cent after its telecom arm, Jio, announced an up to 21 per cent hike in prepaid tariffs from next month.
The market heavyweight's stock jumped 1.26 per cent to close at Rs 2,442.50 on BSE. During the day, it gained 3.64 per cent and went up to Rs 2,500.
On NSE, it jumped 1.19 per cent to close at Rs 2,441.50.
After Bharti Airtel and Vodafone Idea, India's largest mobile operator Reliance Jio on Sunday announced up to 21 per cent hike in its prepaid tariffs from next month. Despite the increase in rates, Jio has kept the price of plans lower than Airtel and Vodafone Idea, which is expected to continue pricing competition in the industry.
The company still has kept its lowest rate for 28 days validity plan at Rs 91 for Jiophone users, which is the lowest among private telecom operators. Bharti Airtel and Vodafone Idea have increased the entry-level plan with 28 days validity to Rs 99.
The tariff hikes entail JioPhone Plan, Unlimited Plans, and data add on, and range between 19.6 per cent and 21.3 per cent. "In line with its commitment to further strengthen a sustainable telecom industry, where every Indian is empowered with a true digital life, Jio today announced its new unlimited plans. These plans will provide the best value in the industry," Reliance Jio said in a statement.
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