Mukesh Ambani-backed Reliance Jio added 100 million customers in 170 days of its launch.

Highlights Reliance Industries' shares have gained over 35% in past three months

Analysts turned bullish on RIL after Jio's rapid customer acquisition

TCS shares have underperformed the broader indices

Reliance Industries today briefly pipped India's biggest IT outsourcer TCS to become the most valued Indian company after shares of the energy-to-telecom conglomerate gained 1.36 per cent to Rs 1,410. Reliance Industries' total market value rose to Rs 4.58 lakh crore on BSE at its highest intraday level. In comparison, the market value of TCS fell to Rs 4.56 lakh crore at its lowest intraday level when its shares fell 0.25 per cent to Rs 2,315. Reliance Industries shares have surged over 35 per cent in the past three months as compared to just 2 per cent gain for TCS.



Analysts have turned bullish on Reliance Industries since its announcement that it will charge Jio customers from April. In addition, many of Reliance Industries core petro-chemical projects will come online soon. On the other hand, IT stocks have struggled amid slower growth, uncertainty over H-1B visa regime and broader changes in the technological landscape.



Reliance Industries shares have been range-bound and had underperformed the broader indices for a long period of time as investors were concerned about the profitability of Jio in which Reliance Industries has already invested $25 billion.





With 72 million subscribers enrolling for the Jio's paid Prime membership till March 31, Reliance, investment banking firm Jefferies said in a report. Earlier, Jio had said that it had amassed 100 million customers in 170 days of its launch. "This subscriber retention is well above the recent expectations of 50 million that were being built in. This will lend confidence in the ability of Reliance Jio to monetize services and challenge incumbents," Jefferies stated. Analysts believe Reliance Industries will be able to breakeven in its telecom operations much earlier than expected.Reliance Industries share closed 1.48 per cent lower at Rs 1,370.45 giving it a total market value of Rs 4.46 lakh crore on Tuesday, below that of TCS at Rs 4.55 lakh crore (at closing price of Rs 2,308.65, down 0.53 per cent ).