Reliance Industries surged 6.15% to Rs 1,118 at 10:43 IST on BSE after the company's telecom operating unit entered into a master service agreement for tower sharing with an independent tower company in India.
The company made the announcement after market hours on Thursday, 15 May 2014.
Meanwhile, the BSE Sensex was up 1,007.70 points, or 4.22%, to 24,913.30
On BSE, so far 10.97 lakh shares were traded in the counter, compared with an average volume of 3.94 lakh shares in the past one quarter.
The stock hit a high of Rs 1,142.50 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 1,075 so far during the day. The stock hit a 52-week low of Rs 765 on 28 August 2013.
The stock had outperformed the market over the past one month till 15 May 2014, rising 11.04% compared with 6.32% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 28.2% as against Sensex's 17.38% rise.
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The large-cap company has an equity capital of Rs 3232.26 crore. Face value per share is Rs 10.
Reliance Industries (RIL) after market hours on Thursday, 15 May 2014 said that Reliance Jio Infocomm (RJIL), a subsidiary of RIL and the first telecom operator to hold a Pan-India Unified License, and Tower Vision India, an independent tower company in India, have entered into a MSA (Master Service Agreement) for tower sharing. Under the agreement, Reliance Jio would utilise the telecom tower infrastructure of Tower Vision to launch its services across the country. Tower Vision has a portfolio of 8,400 towers in India.
Sanjay Mashruwala, Managing Director, Reliance Jio said, "We are committed to offer our customers wide coverage of high speed 4G networks. As a consequence, we are continuing to build this through a combination of Towers that we are constructing on our own and those that we are renting from quality tower infrastructure partners. Our partnership with Tower Vision is another step in this direction."
"We welcome Reliance Jio to our high quality tower infrastructure network. Tower Vision India prides itself on a selective tower portfolio with an unparalleled service level, built to cater for the growing urban and semi-urban voice and data demands. Through partnering with Tower Vision India, Reliance Jio gains access to carefully selected sites, covering strategic locations where data customers today require uninterrupted high speed wireless coverage," said Tower Vision's Chairman, Amit Ganani.
Meanwhile, RIL turned ex-dividend today, 16 May 2014, for dividend of Rs 9.50 per share for the year ended 31 March 2014. Before turning ex-dividend, the stock offered a dividend yield of 0.9% based on the closing price of Rs 1,053.20 on Thursday, 15 May 2014.
RIL's net profit rose 0.8% to Rs 5631 crore on 13.1% growth in net sales to Rs 95193 crore in Q4 March 2014 over Q4 March 2013.
RIL's activities span exploration and production of oil and gas, petroleum refining and marketing, petrochemicals (polyester, fibre intermediates, plastics and chemicals), textiles, retail and broadband services.
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