- Reliance Jio updating its tariff packs
- Jio withdrew 'Summer Surprise' offer recently after TRAI's advice
- Will be soon introducing more exciting offers, says Jio
On March 31, 2017 - the initial last date for enrolling to Prime, Jio extended Prime enrolments and announced its Summer Surprise scheme, offering three months of complimentary service to Prime subscribers recharging with a Rs 303 pack till April 15. Prime subscribers recharging Jio's Rs 303 plan or any higher value plan were offered initial three months of service "on a complimentary basis". (Also read: 'Your first recharge an auspicious moment for Jio')
Reliance Jio also announced notching up of over 72 million Prime members.
Reacting to the updates, Reliance Industries shares started financial year 2017-18 on a positive note, surging as much as 4.5 per cent to hit a new 52-week high.
Newcomer Jio's 72 million paid customers are "credit positive" for parent Reliance Industries as subscriber enrolment reduces cash flow uncertainty of the telecom business, Moody's Investors Service had said. Reliance Jio will remain disruptive given its aspirations, investment banking firm Jefferies had said.
Jio logged the highest download speed compared with its peers, as per data released by telecom regulator TRAI. Jio's 4G average download speed was at 16.487 Mbps, according to the monthly average mobile speed data revealed by the telecom regulator for February.
Some analysts saw Jio's free services offer hurting the March quarter earnings of other telecom operators. In its latest earnings preview of the sector, ICICI Securities saw lowering of mobile revenues by 6.5-7.5 per cent on a quarter-on-quarter basis.
Jio said on April 6 that telecom regulator TRAI had advised it to withdraw its three months of complimentary benefits under its Summer Surprise offer. In a post-market hours filing on that day, Reliance Industries said "Jio accepts this decision" and is in the process of "fully complying with the regulator's advice".
Jio also said it would withdraw the complimentary benefits of Jio Summer Surprise "as soon as operationally feasible, over the next few days".
Reliance Industries shares fell while Airtel and Idea shares gained the next day, rising as much as 3 per cent. Jio's withdrawal of its complimentary "Summer Surprise" was expected to bring some relief to the country's telecom industry, which had been suffering from revenue loss in the recent past.
Those who subscribed before the discontinuation remained eligible for the complimentary plan, Jio said.