Reliance’s share price price continued to make gains for the third straight session in early trade on Thursday.
What Happened: Shares of the conglomerate are upbeat today as Jefferies maintained its ‘buy’ rating for the stock raising the target price from ₹2,950 to ₹2,975. The research firm said that the company’s latest launch Jio Airfiber could unlock a $7-$10 billion revenue opportunity.
The analysts remarked that Airfiber could spur broadband adoption among 8.5 crore pay-TV homes that do not have internet. The firm expects Jio to scale the fixed wireless connection to 3.5 crore homes by March 26.
As per TRAI’s (Telecom Regulatory Authority of India) latest data, Jio added the most telecom subscribers in July. The telecom giant added 39 lakh connections. Jio now has around 44.24 crore total connection, cementing its post as the biggest telecom provider in the country.
Airtel coming in a distant second with 15.1 lakh additions in July, taking the total number of connections to 37.52 crore.
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Price Action: Reliance’s share price was up 0.30% to trade at ₹2,375.90 as markets opened on Thursday.
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