Buzzing Stock: Reliance Industries wows customers with RJio new scheme

Mukesh Ambani, Chairman of Reliance Industries, today announced the launch 4G phones available free-of-cost with a refundable security deposit of Rs 1,500 at the 40th annual general meeting of Reliance Industries. The security deposit would be refundable after three years and the new scheme will be launched on August 15.

The phone will have features like TV mirroring and internet browsing. The company also announced that the Jio phone users will get unlimited data at Rs.153 per month. 

Further, it plans to cover 99 percent of market in the coming year. It currently has 100 million subscribers.

The company also announced bonus shares in the ratio of 1:1 for its existing shareholders.

After the announcement, Bharti Airtel stock closed at Rs 411.15, a fall of 2.05% and Idea Cellular closed at Rs.91.90, with a decline of 3.11%.

Today, Reliance Industries' stock opened at Rs 1554 on the BSE, touched intra-day high and low of Rs 1592.20 and Rs 1544.40, respectively.

Reliance Industries Ltd. manufactures petrochemicals, synthetic fibres, fibre intermediates, textiles, blended yarn and polyester staple fiber. The company also owns a petroleum refinery and petrochemicals complex in Jamnagar, India, which produces a wide range of products such as gasoline, superior kerosene oil and liquefied petroleum gas.