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Reliance shares see biggest intraday rise in decade; rivals hit by disruption worries


Added 08-13-19 03:03:01am EST - “Reliance Industries shares saw their biggest intraday rise in a more than a deca...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Reliance shares see biggest intraday rise in decade; rivals hit by...”. Below is an excerpt from the article.

BENGALURU (Reuters) - Reliance Industries (RELI.NS) shares saw their biggest intraday rise in a more than a decade on Tuesday, after it set a target to reach zero net debt within 18 months and vowed to reward shareholders with higher dividends and periodic bonus issues.

The group’s billionaire chairman, Mukesh Ambani, also unveiled plans to launch cut-price home internet services across India next month, threatening to disrupt the telco market with offers of free voice calls for life, television and movie streaming, and even TV sets to go with some subscription plans.

The announcements drove Reliance shares up as much as 12% - its biggest such move since Jan. 14, 2009. The spike has put the company within touching distance of becoming the highest-valued Indian company again. Currently, it trails Tata Consultancy Services (TCS.NS) by slightly more than $1 billion.

But shares of telecom majors Bharti Airtel (BRTI.NS) fell 4% and Vodafone Idea (VODA.NS) slid almost 5% as the announcements spurred worries of a repeat of what happened just three years ago when Reliance’s Jio burst on to the scene.

Jio, with cheap data plans and freebies, has managed to become India’s top mobile operator by subscribers and the second-biggest globally over the three years.

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