Mumbai: Shares of Reliance Industries Ltd rallied by over 1 percent Friday after the company announced plans of commercial launch of its 4G services by December.
The stock of RIL rose by 1.36 percent to settle at Rs 889.15 on the BSE. In intra-day, it gained 1.74 percent to Rs 892.50.
At the NSE, it ended 1.44 percent higher at Rs 889.85.
In terms of volume, 3.97 lakh shares of the company changed hands at the BSE and over 49 lakh shares were traded at the NSE during the day.
Reliance Industries (RIL) will start commercial operations of its much-awaited telecom services in December, offering a 4G smartphone for as low as Rs 4,000 and a monthly bill of Rs 300-500, its Chairman Mukesh Ambani said today.
Unveiling a road map to propel the oil refining-to-retail major to a select group of most valuable companies in the world, Ambani told shareholders that RIL will complete over Rs 2 lakh crore of projects in core oil and petrochemical businesses as well as new ventures like telecom in the next 12-18 months to add capacity.
Reliance Jio Infocomm, the firm's telecom arm, is testing network with a 'beta launch' due over the next few months and commercial operations around December.
Looking to tap the surging voice and data demand, Ambani said the 4G-enabled smartphone in India will be priced below Rs 4,000 by December.
In the stock market, the BSE 30-share key index Sensex ended at 26,425.30, up 54.32 points.
