RCom shares surge nearly 6% on spectrum-sharing deal with RJio
RCom has plans to start 4G services from May 4
 "RCom shares surge nearly 6% on spectrum-sharing deal with RJio")
The stock advanced by 5.46% to settle at Rs 56.95 on BSE. During the day, it soared 7% to Rs 57.80.
At NSE, it climbed 5.64% to close at Rs 57.10.
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The company added Rs 734.74 crore to Rs 14,174.74 crore in its market valuation.
On the volume front, 52.52 lakh shares of the company changed hands at BSE and over 3 crore shares were traded at NSE during the day.
"We wish to inform that DoT has taken on record 800Mhz spectrum sharing in 7 circles of the company and 2 circles of Reliance Telecom (RTL), a wholly-owned subsidiary with RJIL on April 21, 2016," Reliance Communications said in a regulatory filing.
This approval covers major mobile services market in the country - Mumbai, Uttar Pradesh East, Madhya Pradesh, Bihar, Odisha, Haryana, Himachal Pradesh, Assam and North East.
The spectrum-sharing deal will allow Anil Ambani-led RCom and Mukesh Ambani's RJio to offer 4G services on 10 Mhz block in 800Mhz band, which is considered as the most efficient frequency available for high-speed mobile services.
RCom has plans to start 4G services from May 4.
The DoT in February had approved sharing of active infrastructure like antenna used for transmitting mobile signals.