Why Reliance Industries shares hit new 52-week high today

Reliance Industries (RIL) shares hit new 52-week high on Wednesday after reports that its subsidiary Reliance Jio Infocomm (RJIL) has received approval from the government’s green panel to build the Indian part of the Asia-Africa-Europe One (AAE-1) submarine cable under the Coastal Regulation Zone (CRZ).

At 1.56 pm, shares of RIL were trading 3.59 per cent up at Rs 1082.60. The scrip opened at Rs 1054.80 and had touched a high and low of Rs 1085.40 and Rs 1019.35, respectively, in trade so far. Sensex was up 51.90 points at 24733.93.

The promoters holding in the company stood at 45.21 per cent while institutions and non-institutions held 31.77 per cent and 19.85 per cent respectively.

In the past one year, the share price of RIL jumped nearly 23 per cent to Rs 1045.10 on January 12. The scrip was trading at Rs 850.55 on the same day last year.

AAE-1, the largest next generation subsea cable system spanning around 25,000 km and linking South Asia to Africa and Europe via the Middle East, is being constructed by a consortium of 17 global service providers. The Indian part of the project will be implemented by Reliance Jio. The cable will terminate in Mumbai at a Beach Man Hole (BMH) proposed to be located at a beach road connecting JP road to Versova Beach, in front of Harshvardhan Society.

RJIL is the first telecom operator to hold pan India Unified License. This license authorises RJIL to provide all telecommunication services except Global Mobile Personal Communication by Satellite Service. RJIL holds spectrum in1800 MHz (across 14 circles) and 2300 MHz (across 22 circles) capable of offering 4G wireless services. RJIL plans to provide seamless 4G services using FDD-LTE on 1800 MHz and TDD-LTE on 2300 MHz through an integrated ecosystem.

Reliance Industries will announce its Q3 results on January 19.

Reliance Industries Limited (RIL)