Reliance in top gear after AGM when telecom stocks hit bottom ...

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Ahmedabad. August 14, 2019, Tuesday

Reliance Industries today announced the biggest one-day uptick in the last 6 years following the announcement of the digital revolution at the annual general meeting of Reliance Industries. On the other hand, telecom stocks were at the bottom. Reliance's announcement that the chairman of the company, Mukesh Ambani, would benefit all sections of the digital revolution society in the country, had little effect.

Besides, the announcement of the company's release of debt and listing of two subsidiaries was welcomed by the market.

On the back of these reports, Reliance's stock intraday jumped 8.5 per cent at the Mumbai stock market to the tune of 3.2, the biggest one-day upside in the last six years. However, at the end of the day it was up 5% at the BSE and remained strong at 5.

Following the various announcements made by Reliance for the telecom sector at AGM, huge gaps were reported in telecom stocks today. Of these, Vodafone Idea lost 5 percent, Bharti Airtel, RCom and MTNL had 5 percent and Tata Communications had lost 5 percent. Apart from this, several telecom stocks also witnessed a sharp retreat.

On the other hand, after the announcement of Reliance's digital revolution, shares of local cable operator company saw an intraday rise of 3 to 5 percent. These include Hathaway Cable, Dan Network and GTPL Hathaway.

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