Money on the markets
A maturing market amid the mayhem
Shares in Reliance Communication rose over 9 percent in trade today after a news channel reported that ATC has emerged as the highest bidder for the firm’s tower arm.
RComm ended 9.3 percent higher at 99.30 rupees and was the top traded stock on BSE. The firm was also the top Sensex gainer.
Reliance Communication after market hours said that it would see annual interest cost savings of more than 5 billion rupees after signing a final loan agreement with China Development Bank.
In 2011, Reliance Communications has slipped over 40 percent. Do you see further downside?
Idea Cellular rose nearly 4 percent after Emirates Telecommunication Corp, the Arab world’s second-largest telecom operator by market value, said it had not ruled out investing in the company.
However, the Abu Dhabi-based operator said that it does not expect a deal with Reliance Communications in 2010.
Reliance Communication is the only major local cellular carrier without a foreign strategic investor in the world’s fastest-growing mobile market.
Shares in Reliance Communications jumped 11 percent on Wednesday following a newspaper report that UAE’s Etisalat was in advanced talks to buy a quarter of the Indian firm for 180 billion rupees.
Etisalat confirmed it is looking to buy a stake in an Indian mobile operator.
A stake sale could mean a change in strategy for Reliance Comm owner Anil Ambani, who has made several smaller acquisitions to expand his firm overseas.
Shares in companies controlled by the billionaire Ambani brothers were among the big gainers on Monday after the two moved towards resolving a long-running strife.
The BSE Sensex ended 0.15 pct higher led by Reliance Industries which gained 2.5 percent at 1021 rupees.
Telecom stocks had a bad year with top counters such as Bharti Airtel and Reliance Communication slipping 8 and 23 percent respectively in 2009.
The overall market however gained as much as 80 percent during the year.
The Sensex ended 81 percent higher at 17465 and gained more than 7,000 points, its biggest yearly gain since 1991.
Shares of major telecom players plunged on Thursday, pulling the BSE Technology Index down 2.8 percent.
Shares in Reliance Communications, India’s number 2 mobile operator, ended 5.3 percent higher at 290.70 rupees after the company said it had repaid early more than $1 billion of loans.
Reliance Comm shares had risen nearly 5 percent yesterday with a traded volume of nearly 4.2 million shares. It remained one of the top traded stocks today. This year the stock has surged nearly 28 percent.
The BSE Sensex extended gains on Monday to cross the 15,000 mark as hopes of recovery in corporate earnings boosted confidence worldwide.