RCom jumps on rating upgrade reports

PTI Mumbai | Updated on March 17, 2011

Shares of the telecom giant Reliance Communications (RCom) gained by up to 3.54 per cent in the early trade on the BSE today amid reports that the Citigroup has raised the company’s rating to “buy” from “sell”, saying a good asset is available at a discount.

According to media reports, the brokerage firm Citigroup said that the RCom stock is currently trading below Rs 120, which makes it an attractive acquisition candidate.

Bolstered by the development, the shares of Anil Ambani-led RCom surged by 3.54 per cent to Rs 106.60 a piece in the morning trade on the Bombay Stock Exchange. The counter was the best performer in the early trade on the benchmark Sensex.

In a similar fashion, the RCom scrip witnessed a jump of 3.49 per cent to Rs 106.60 a share on the National Stock Exchange.

Published on March 17, 2011

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