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** India's Reliance Industries rises as much as 4.1 pct to its highest since May 2008
** Stock top percentage gainer on the NSE index
** CLSA analysts raise target price to 1,500 rupees from 1,350 rupees, retain "buy"
** Brokerage cites optimistic assessment provided by company at analyst meet
** ** Jio told analysts it expects telecom industry revenue to reach $45 bln by FY2021, garner over 50 percent market share of that amount - CLSA
** "While Jio believes voice revenues will shrink materially, this should be more than offset by higher data revenues driven by big rise in data consumption," CLSA says.
** Since announcing shift to paid services on Feb. 21, Reliance shares have surged about 14 percent compared with a 0.09 percent fall in the NSE during the same period