RIL became the country’s first company with a market cap of 21 lakh crores, shares reach new heights, what is the reason for the rise

Reliance Industries : Today, the shares of Reliance Industries (RIL Stock Price), the largest company in the country in terms of market cap, have seen a good rise. Today, Reliance’s share reached around Rs 3130 in intraday. This is a new 52-week high for the stock. With this rise in the stock, the market cap of Reliance Industries crossed Rs 21 lakh crore. It has become the country’s first company with a market cap of more than 21 lakh crores. In fact, RIL’s telecom arm Jio has announced a 12 to 27 percent increase in tariff from July 3, due to which the stock rose.

After Jio, Airtel also gave a shock, mobile recharge became costlier by 27%

How was the movement of the stock

Today, the share of Reliance Industries opened at Rs 3062 as compared to yesterday’s closing price of Rs 3061. In a short while, it strengthened by 2 percent to reach Rs 3129.85. This is a new 1-year high for the share. Today, the intraday low for the share was Rs 3062.05. So far this year, the share has gained 20 percent. The company’s share has strengthened by 7 percent in 1 month and 23 percent in 1 year.

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Brokerages turn bullish after tariff hike

After the tariff hike by Jio, the brokerage house has given a positive view on Reliance Industries. Brokerage house Jefferies has given a Buy rating on the stock and has given a target price of Rs 3580. The brokerage has estimated growth of 18 percent and 26 percent annual rate in Jio’s revenue and profit from FY 2024 to FY 2027. At the same time, Morgan Stanley has given an Overweight rating on the stock and has given a target price of Rs 3046.

Morgan Stanley says the tariff hike is in line with expectations, and it expects new energy cash flow by the end of the year. The investment bank expects no further tariff hikes until fiscal 2027, but a 20 per cent tariff hike next year could boost earnings by 10-15 per cent.

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Jio increased its tariff

Reliance Jio has increased the prices of prepaid and postpaid plans by 12% to 27%. The new tariff plans will be implemented from July 3. After the tariff hike, Jio’s most popular plan of Rs 239 will become Rs 299. Jio is going to increase mobile service rates for the first time after a gap of about two and a half years.

The company said in a statement that at the same time, access to unlimited free 5G services has been limited for customers. Jio has more than 47 crore mobile subscribers and its market share is about 41 percent. As expected by telecom sector experts, this increase has been made immediately after the spectrum auction.

The price of the lowest recharge is being increased to Rs 19. This is a 1 GB data ‘add-on-pack’ pack, which costs about 27 percent more than the Rs 15 recharge.

The Rs 239 plan will now cost Rs 299. The cheapest prepaid plan was priced at Rs 155, which will now be available for Rs 189.

The price of 75 GB postpaid data plan will now increase from Rs 399 to Rs 449.

Jio has also increased the price of its popular Rs 666 unlimited plan with 84 days validity by almost 20 per cent to Rs 799.

The prices of annual recharge plans will increase by 20-21 per cent from Rs 1,559 to Rs 1,899 and from Rs 2,999 to Rs 3,599.