The Reliance Industries stock on Wednesday hit its nine-year high level on its telco arm Reliance Jio Infocomm increasing the effective rates of its services with effect from July 11, 2017.
The new plans entail reduced data and validity for the telco's services.
On Tuesday, the telco announced Jio Prime Members could enjoy unlimited services for 3 months with Rs 399 Plan. The earlier launched Rs 309 plan would provide two months of unlimited Jio services.
The new set of plan benefits will be applicable for all new as well as existing subscribers. As part of these unlimited benefits, customers can enjoy 1GB Data per day at 4G speed followed by unlimited at 128 kbps, unlimited local, STD and national roaming voice calls and unlimited national SMS, the company said in a press release.
Also, the firm is offering 112 GB data instead of 168 GB under the Rs 509 plan. The validity of the offer has been reduced to 56 days instead of the earlier 84 days.
This effectively means Jio will fetch more revenue for lesser data and this will add to its profit.
In anticipation of more revenue for the company, the stock hit the Rs 1524 level, a fresh nine-year high on the BSE.
At 1148 hours, the stock was trading 0.67 percent or 9.95 points higher at Rs 1505 level on the BSE.
The stock closed at 1,510 level, a gain of 15 points or 1.02 percent on the BSE.