RIL climbs 2%; Reliance Jio may acquire smaller telcos for more wavelength

Reliance Jio Infocomm, a unit of Reliance Industries Ltd, may look to acquire smaller telecom companies to gain market share and compete with incumbents, says report.

Reliance Industries Ltd stock was up by 2% at Rs. 931 on reports that said Reliance Jio Infocomm, a unit of Reliance Industries Ltd, may look to acquire smaller telecom companies to gain market share and compete with incumbents.

Reliance Industries Ltd is currently trading at Rs. 931, up by Rs. 15.05 or 1.64% from its previous closing of Rs. 915.95 on the BSE.

The scrip opened at Rs. 921.15 and has touched a high and low of Rs. 932.65 and Rs. 920.25 respectively. So far 783999(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 296695.65 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1067 on 23-Jul-2015 and a 52 week low of Rs. 796.75 on 30-Mar-2015. Last one week high and low of the scrip stood at Rs. 988.25 and Rs. 913 respectively.

The promoters holding in the company stood at 45.21 % while Institutions and Non-Institutions held 31.77 % and 19.85 % respectively.

The stock is currently trading below its 100 DMA.