The company said it received 72 million ‘Prime’ subscribers on its Jio telecom network, whereas the expectation was only 50 million.
While the company has already started revenue generations by charging its users, Reliance Industries added ₹1 lakh crore in market capitalisation in the last six weeks.
RIL’s shares hit Rs 1,380 at the day’s high, and were trading up 3.7% at Rs 1,368 on BSE. The company’s market capitalisation reached ₹4.44 lakh crore. Earlier, Jio announced that 7.2 crore Jio customers signed up for Jio Prime.It also extended its membership till April 15.
The company’s free offers ended on March 31. However, it introduced a new scheme for its Prime subscribers, under which they would provide three months of complimentary services till June after their first purchase of a recharge worth Rs 303 or more.
“Reliance Industries are expecting a lot of benefit in the near future as the company’s projects under commissioning will significantly add to free cash flows,” said Jal Irani, Senior VP at Edelweiss Capital Services.
“There are $40 billion worth of projects in commissioning phase, which doubles their (RIL’s) productive assets. We forecast RIL’s free cash flows to rocket from next year as the quarterly capex trend is plummeting,” added Irani.