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Reliance Comm gains

July 19, 2010

RELIANCECOMM/

Shares in Reliance Communications closed 2.2 percent higher on report that Emirates Telecommunications (Etisalat) is close to buying 26 percent in the firm.

The stock was among the top Sensex gainers with volumes of over 1.8 million shares on the BSE.

Last month, Reliance Comm agreed to merge its telecoms communication towers business with that of GTL Infrastructure Ltd in a deal that a source said would cut its debt by $3.9 billion.

Keeping in mind that the counter has gained over 30 percent since June this year, would you invest in Reliance Comm at this stage or wait for a correction?

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