Reliance Jio quarterly numbers to be announced today; new tariff plans eyed

Reliance Industries, the parent of telecom operator Jio, will announce its quarterly performance numbers at around 5 pm today.

Besides its core oil and gas business, the company will give an update on the operations of its telecom unit.

Some in the market even expect it to reveal the new set of tariffs that will come into effect from Thursday. The company yesterday said a new set of tariff plans will be implemented from Oct 19.

The company’s stock is trading near record highs at Rs 885 ahead of the announcements today. It high the record high of 890.70 rupees soon after opening today.

The company is expected to announce net profit of Rs 8,687.5 crore on revenue of Rs 66,088 crore, according to a poll of seven analysts conducted by Bloomberg.

Telecom consumers, meanwhile, will be looking for any signs that the company would increase its prices, as was its original plan.

Jio currently offers 84 GB and unlimited calls for as many days at Rs 399 — a tariff that has been rather grudgingly matched by its competitors such as Bharti Airtel and Idea Cellular over the last couple of months.

Any increase by Jio would result in an immediate increase in data prices across the board. Prices of wireless data have fallen by 97% in one year to Rs 5.90 per GB after the launch of Jio’s commercial services a year ago.