Extending the previous session's rally, shares of Reliance Communications (RCom) rose by nearly 2% in morning trade on the BSE today after the company received an Rs 8,700 crore loan from China Development Bank.
The Anil Ambani group firm has completed the procedure for obtaining a Rs 8,700 crore loan from China Development Bank to part-finance the cost of 3G spectrum and equipment purchases, it said in a filing to the stock exchange after the market close yesterday.
Shares of RCom went up by 1.81% to hit an early high of Rs 101.10 on the Bombay Stock Exchange (BSE). In the previous session, the stock had gained 9.36%.
Yesterday, the stock surged amid media buzz that American Tower Corporation (ATC) may be the highest bidder for the company's tower assets.
RCom, along with another group firm, Reliance Infrastructure, were the only gainers among the 30-Sensex stocks in early trade today. Reliance Infrastructure was trading higher by 1.49% amid a weak broader market.
Meanwhile, the BSE benchmark Sensex was trading down by 193.71 points at 18,276.24 at 1009 hours.
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