Reliance Industries shares saw their biggest intraday rise in a more than a deca...
) shares saw their biggest intraday rise in a more than a decade on Tuesday, after it set a target to reach zero net debt within 18 months and vowed to reward shareholders with higher dividends and periodic bonus issues.
FILE PHOTO: A woman walks past a poster of Reliance Industries installed outside the venue of the company's annual general meeting in Mumbai June 7, 2012. REUTERS/Vivek Prakash The group’s billionaire chairman, Mukesh Ambani, also unveiled plans to launch cut-price home internet services across India next month, threatening to disrupt the telco market with offers of free voice calls for life, television and movie streaming, and even TV sets to go with some subscription plans.
The announcements drove Reliance shares up as much as 12% - its biggest such move since Jan. 14, 2009. The spike has put the company within touching distance of becoming the highest-valued Indian company again. Currently, it trails Tata Consultancy Services by slightly more than $1 billion.
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