Reliance Industries share price went up by 3 percent intraday to Rs 2,497.90 after its telecom arm, Reliance Jio increased the pre-paid mobile tariff rates by 20 percent.
The revised tariff rates will be effective from December 1, Jio said in a press release.
Reliance Industries jumped by 2.66 percent in morning trade after its telecom arm Jio announced around a 21 percent hike in its prepaid tariff plans from December 1. Reports that the oil major is mulling a bid to acquire a telecom company also boosted the stock.
Reliance Jio hikes pre-paid tariffs
After Bharti Airtel and Vodafone Idea, India's largest mobile operator Reliance Jio on Sunday announced up to 21 per cent hike in its prepaid tariffs from next month.
The tariff hikes entail JioPhone Plan, Unlimited Plans, and data add on, and range between 19.6 per cent and 21.3 per cent.
"In line with its commitment to further strengthen a sustainable telecom industry, where every Indian is empowered with a true digital life, Jio today announced its new unlimited plans. These plans will provide the best value in the industry," Reliance Jio said in a statement.
The statement further said: "Upholding the Jio promise of providing the best-quality service at the lowest price globally, Jio customers will continue to be the biggest beneficiaries".
The new unlimited plans will go-live on December 1, 2021, and can be opted from existing touchpoints and channels.
Airtel and Vodafone Idea last week had announced up to 25 per cent hike in their prepaid plans tariffs to improve financials.
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