Stocks

RCom hits early high on BSE

PTI Mumbai | Updated on March 10, 2011 Published on March 10, 2011

Extending the previous session?s rally, shares of Reliance Communications (RCom) rose nearly 2 per cent in the morning trade on the BSE today after the company received an Rs 8,700-crore loan from China Development Bank.

The Anil Ambani group firm has completed the procedure for obtaining an Rs 8,700-crore loan from China Development Bank to part-finance the cost of 3G spectrum and equipment purchases, the company said in a filing to the stock exchange after the market close on Wednesday.

The scrip went up by 1.81 per cent to hit an early high of Rs 101.10 on the Bombay Stock Exchange. In the previous session, the stock had gained 9.36 per cent.

On Wednesday, the stock surged amid media buzz that American Tower Corporation (ATC) may be the highest bidder for the company?s tower assets.

RCom, along with another group firm, Reliance Infrastructure, were the only gainers among the 30-Sensex stocks in the early trade today. Reliance Infrastructure was trading higher by 1.49 per cent amid a weak broader market.

Published on March 10, 2011
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