Anil Ambani Group shares rally, RCom surges 9%

RCom, Reliance Capital, Reliance Infrastructure, Reliance Power, Reliance MediaWorks and Reliance Broadcast Network are trading higher 3-9% on BSE.

Shares of Anil Dhirubhai Ambani (ADA) Group stocks have rallied up to 9% on the bourses on back of heavy volumes.

Reliance Communications (RCom), Reliance Capital, Reliance Infrastructure, Reliance Power, Reliance MediaWorks and Reliance Broadcast Network are trading higher 3-9% on the Bombay Stock Exchange.

RCom, the largest gainer among ADA pack, has surged 9% to Rs 101, also its 52-week high on BSE. A combined 51.81 million shares have already changed hands on the counter so far compared to an average sub 50 million shares that were traded daily in past two weeks.

The stock of telecom services provided has outperformed the market by surging 77% so far in current month from Rs 57 after the company has signed Rs 1,200-crore agreement with his brother Mukesh Ambani-owned Reliance Jio Infocomm to share RCom’s optic fibre network.

Last week, RCom confirmed that it was in talks to sell its global communications services business unit to a private equity consortium led by Canada-based Samena Capital.

Among other individual stocks, Reliance Infrastructure has rallied 5.5% to Rs 386, followed by Reliance Power (5% to Rs 74.45) and Reliance Capital (4% at Rs 361) on BSE.