Reliance Industries dropped 1.63% to Rs 1,031.40 at 14:29 IST on BSE on media reports that the company's telecom arm Reliance Jio Infocomm might delay the launch of its much-awaited mobile broadband service (4G) to the end of this calendar year.
Shares of prominent telecom operators Idea Cellular and Bharti Airtel edged higher. Bharti Airtel was up 2.15% at Rs 358.85. Idea Cellular was up 3.67% at Rs 105.85.
Meanwhile, the S&P BSE Sensex was down 68.58 points or 0.27% at 25,261.91.
On BSE, so far 2.66 lakh shares of Reliance Industries (RIL) exchanged hands compared with average daily volume of 6 lakh shares in the past one quarter. The stock hit a high of Rs 1,047 and a low of Rs 1,023 so far during the day. The stock had hit a 52-week low of Rs 796.75 on 30 March 2015. The stock had hit a 52-week high of Rs 1,089.50 on 15 January 2016. The stock had outperformed the market over the past one month till 22 March 2016, surging 8.94% compared with Sensex's 6.48% rise. The scrip had also outperformed the market in past one quarter, advancing 6.18% as against Sensex's 1.02% fall.
The large-cap company has equity capital of Rs 3240.38 crore. Face value per share is Rs 10.
Media reports suggested that RIL's telecom arm Reliance Jio Infocomm might delay the launch of its much-awaited mobile broadband service (4G) to the end of this calendar year. According to reports, the reason for the likely delay for the launch of mobile broadband service is that the network is taking time to stabilise. There were expectations that Reliance Jio will launch its mobile broadband service on pan India basis at the start of the new financial year in April 2016. The company had announced soft launch of the broadband services for its employees in December 2015.
Shares of RIL had gained 3.24% in the preceding three trading sessions to settle at Rs 1,048.50 yesterday, 22 March 2016, from its close of Rs 1,015.55 on 17 March 2016.
On consolidated basis, RIL's net profit rose 38.7% to Rs 7290 crore on 27% decline in net sales to Rs 68261 crore in Q3 December 2015 over Q3 December 2014.
RIL is a diversified firm having presence in oil exploration, petrochemicals, retail and telecom sectors.
Powered by Capital Market - Live News
