Shares of Reliance Industries Ltd jumped as much as 3.1 per cent to Rs 958, as the company has posted a record consolidated net profit in the third quarter, helped by first-ever profit at Jio telecoms business.

Within nine months of its commercial launch, Jio, the telecom network launched by Mukesh Ambani, turned profitable. Jio, a wholly owned subsidiary of Ambani’s Reliance Industries, reported a net profit of ₹504 crore in the December 2017 quarter.

Jio’s profit and highest ever margins in the conglomerate’s petrochemicals business boosted Reliance Industries’ net profit to ₹9,423 crore for the quarter, up 25.1 per cent year-on-year. The petchem business brought in revenue of ₹33,726 crore this quarter, up 47.6 per cent from the same period last year.

The stock posted its biggest intraday percentage gain since November 16, 2017

Jio continued to show strong subscriber additions and stronger-than-expected average revenue per user (ARPU), with indications the provider is being used as the primary number for most of its subscribers, according to Morgan Stanley.

It says ARPU could decline in next few quarters due to promotional offers, but expects stronger subscriber momentum.

The company management has highlighted end of core capex cycle in its refining and petchem businesses, which could lead to strong growth in earnings coupled with balance-sheet improvement, says Emkay Research.

Up to Friday's close, the stock had risen 80.2 per cent in the past 12 months, compared with 34.1 per cent gain in Nifty energy index.