Anil Ambani group firm Reliance Communications climbed 5 per cent on the Bombay Stock Exchange in morning trade, a day after it decided to demerge its telecom infrastructure unit, Reliance Infratel, to create an independent entity.
Shares of Reliance Communications (RCom) extended yesterday’s gains surging by another 5 per cent to a high of Rs. 188.30 on BSE.
Anil Ambani group decided to separate tower business of its telecom arm RCom to create an independent firm, saying it was in advanced stage of talks for stake sale in the new entity.
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Since June 11, RCom had climbed 9 per cent to hit a high of Rs. 188.30 on BSE, today.
The purpose of creating a separate firm is to secure business from other telecom and broadband players, including Mukesh Ambani-led RIL, while at the same time cutting debts of RCom, which has also decided for a strategic sale of 26 per cent equity.
After registering huge gains in yesterday’s trade, ADAG pack started the day in positive terrain. Reliance Capital was trading at Rs. 731, up 1.18 per cent on BSE. It touched a high of Rs. 734.50 in early trade. Reliance Power too went up by 1.46 per cent at Rs. 170.35.
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Reliance Infrastructure was trading at Rs. 1,167.50, up 0.68 per cent. Reliance Natural Resources also rose as much as 2.71 per cent to Rs. 62.55 in early trade.