Over 72 million subscribers have enrolled for Jio’s Prime offering so far, well above our and market expectations. Yet, Reliance extended its free service under Prime by a quarter pushing back monetisation yet again.

We revise our fair value for Reliance to reflect higher value for Jio given the better initial response – however, the stock price is already implying an enterprise value (EV) of $28 billion+, not adequately discounting the risks in our view.

Reliance Industries (RIL) gained nearly 5% to Rs 1,380, its fresh 9-year high on the BSE in intra-day trade, after Reliance Jio Infocomm (Jio), a subsidiary of RIL, on Friday said it had notched an unprecedented 72 million paid subscribers, and extended by a fortnight its deadline for migrating other subscribers to its paid offer.

“In just one month, over 72 million (and still counting!) Jio customers have signed up for JIO PRIME, making it one of the most successful customer privilege programmes anywhere in the world,” RIL said in a press release.

We think RIL’s recent rally (last 2M, RIL up 23% vs. Sensex 6%), after positive news flow on Jio (100 million plus subs; monetisation from April 1; attractive offerings), was driven by the Street’s overall under-ownership of the stock. Despite the recent outperformance, RIL has unperformed the Sensex by 40% since Jan-2008 (after the last bull-run). This was driven by a long (and large) capex phase, delayed monetisation (particularly Jio), and a sharp decline in E&P fortunes.

Reliance Industries shares surged in afternoon trade today, rising to an almost nine-year high, ahead of the start of paid telecom services by the company and release of the data on the number of ‘Prime’ subscribers on its Jio telecom service network. The shares of India’s second-largest company by market cap were trading at Rs 1,326.1 on BSE, up by a whopping 4.5% on Friday afternoon.

Reliance Industries shares are on a sustained rise on the prospects of cash flows from its telecom business, which has seen heavy investments so far.

Thanks to aggressive acquisition of oil assets abroad, government-owned BPCL and ONGC are set to overtake Reliance Industries in overseas fundraising in 2016-17. Reliance was the topper among corporate India in raising funds during the past five years.

The change in the league tables comes against a backdrop of a slowdown in fundraising by Indian corporates during the year. Overseas fundraising by Indian companies slowed to $19.02 billion in 2016-17 from $21.06 billion in 2015-16.

Securities and Exchange Board of India (Sebi) on Friday delivered its verdict in the decade-old unlawful gains case involving the country’s second-biggest company, Reliance Industries. The capital market regulator has directed the Mukesh Ambani-led company to disgorge (give up) Rs 447 crore, with interest of 12 per cent per annum since November 2007, it made “illegally”.

Besides the high interest levied, the only punitive action is a one-year ban from dealing in the futures and options (F&O) segment by the company. So has the company gotten away lightly?

The Securities and Exchange Board of India (Sebi) on Friday directed Mukesh Ambani’s Reliance Industries Ltd (RIL) to disgorge Rs 447.27 crore, made “unlawfully” by dealing in shares of its erstwhile subsidiary, Reliance Petroleum (RPL).

The markets regulator also barred RIL from the futures and options (F&O) segment for a year and asked it to settle all existing open positions. It will also have to pay 12 per cent interest on the disgorgement amount since November 29, 2007.

India is home to world's fourth highest number of billionaires with Reliance Industries chief Mukesh Ambani leading the club of more than 100 super rich Indians, according to a new list released by Forbes magazine.

The Forbes list of the 'World's Billionaires' 2017 consists of 2,043 of the richest people in the world who have a combined net worth of $7.67 trillion, a record 18-per cent increase over the past year.

MUMBAI: Reliance Industries counter saw a block deal of about 39 crore shares or 12% of the company equity changing hand on Wednesday morning.

Though the details of the buyers and sellers were not known, market participants said that the block deals were the inter-se transfer of equity holding among promoter group entities.

New Delhi, Mar 14 () In a boost to firms like Reliance Industries and ONGC, the oil ministry has moved a proposal to the Cabinet for allowing pricing freedom for natural gas produced from coal seams.

The ministry has proposed to the Cabinet that coal-bed methane (CBM) gas producers be given pricing freedom and allowed to price the fuel at market rates, sources privy to the development said.

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