Brokerages have given a thumbs-up to the across-the-board tariff hike by Reliance Jio (Jio) in its prepaid plans.
Jefferies has raised the stock's 12-month price target to ₹ 2,950 from ₹ 2,880 earlier. In the best-case scenario, the global research and brokerage house sees it at ₹ 3,400 levels in 12 months from now.
Jio, following its peers Bharti Airtel and Vodafone Idea (Vi), hiked its prepaid tariff plans by around 20 per cent across the board (including 21 per cent in the base Jio Phone level plans) over the weekend. The new tariff comes into effect starting December 1.
Reacting to the development, RIL surged nearly 4 per cent to ₹ 2,497.90 on the BSE in Monday's intra-day trade. It closed at ₹ 2,442.50, up 1.26 per cent.
This story is from the November 30, 2021 edition of Business Standard.
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This story is from the November 30, 2021 edition of Business Standard.
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