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Shares of Network18 Media & Investments, Reliance Communications (RCom) and GVK Power & Infrastructure rallied by up to 16% on the BSE in intra-day trade on back of heavy volumes. The trading volumes on these counter more than doubled as compared to an average trading volumes in past two weeks, the BSE data shows. RCom was up 8% higher at Rs 16.95, after surging 16% in intra-day trade. The stock hit high of Rs 18.20 in early morning trade after the company on Monday made a comprehensive debt resolution plan to its domestic and foreign Lenders. "RCom's debt resolution plan envisages no loan write-off by the lenders. RCom will pay off up to Rs 17,000 crore of its debt, out of the proceeds of monetisation of spectrum, towers and fiber and MCN (Media Convergence Nodes) assets," a company statement said here. "RCom will pay additional Rs 10,000 crore of its debt, out of the proceeds of sales and commercial development of DAKC (Dhirubhai Ambani Knowledge City) and other prime real estate assets across 8-metros. The new RCom will have sustainable and profitable B2B - non mobile business," it added. It said the company is working closely with SBI Capital Markets Limited, the advisors appointed by the lenders, to run a competitive process in a transparent manner to monetise the spectrum, tower and fiber, MCNs and prime real estate assets. GVK Power & Infrastructure has locked in upper circuit for the 10th straight trading sessions, up 5% at Rs 18.88, also its 52-week high on the BSE. During the period, the stock zoomed 62% from Rs 11.62 on October 16, 2017.
Around 6.85 million already changed hands on the counter and there were pending buy orders for 112,776 shares so far, the exchange data shows. Last week, on October 25, GVK Power said that Mumbai International Airport Pvt Ltd (MIAL), a subsidiary of the Company, had received a Letter of Award from City & Industrial Development Corporation (CIDCO), the nodal agency of the Government of Maharashtra for the Navi Mumbai International Airport Project. MIAL will hold a 74% stake, while the remaining 26% stake will be with CIDCO. Network18 Media & Investors rallied 8% to Rs 53.40 on the BSE in intra-day trade. At 12:22 PM; the stock was trading 5.2% higher at Rs 51.80 as compared to 0.13% decline in the S&P BSE Sensex. Around 13.39 million shares representing 1.3% of total equity of the company have already changed hands on the BSE.
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