Reliance Industries rises as its arm acquires spectrum for Rs 88,078 crore in 5G auctions
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Reliance Industries is currently trading at Rs. 2583.05, up by 7.95 points or 0.31% from its previous closing of Rs. 2575.10 on the BSE.
The scrip opened at Rs. 2572.80 and has touched a high and low of Rs. 2606.50 and Rs. 2560.55 respectively. So far 140257 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2855.00 on 29-Apr-2022 and a 52 week low of Rs. 2041.00 on 02-Aug-2021.
Last one week high and low of the scrip stood at Rs. 2606.50 and Rs. 2402.00 respectively. The current market cap of the company is Rs. 1739672.38 crore.
The promoters holding in the company stood at 50.62%, while Institutions and Non-Institutions held 38.74% and 10.64% respectively.
Reliance Industries’ (RIL) telecom arm -- Reliance Jio Infocomm (Jio) has acquired spectrum in the 700MHz, 800MHz, 1800MHz, 3300MHz and 26GHz bands in the auctions conducted by the Department of Telecommunications (DoT), Government of India.
Total cost of acquiring the right to use the technology agnostic spectrum for a period of 20 years is Rs 88,078 crore. As per terms of the spectrum auction, the spectrum payments have to be made over 20 equated annual instalments, with interest computed at 7.2% per annum.
Jio has acquired a unique combination of low-band, mid-band and mmWave spectrum, which coupled with deep fibre network and indigenous technology platforms, will enable the company to provide 5G Everywhere and 5G For All (consumers and enterprises).
The acquisition of the right to use this spectrum will enable Jio to build the World’s most advanced 5G network and further strengthen India’s global leadership in wireless broadband connectivity. Jio’s 5G network will enable the next generation of digital solutions that will accelerate India’s AI-driven march towards becoming over $5 trillion economy.
Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.
