RCom drops after Thursday's rally

The company made the announcement before trading hours today, 22 April 2013.

Meanwhile, the BSE Sensex was up 90.03 points or 0.47% at 19,106.49.

On BSE, 26.91 lakh shares were traded in the counter as against average daily volume of 39.14 lakh shares in the past one quarter.

The stock hit a high of Rs 88.10 and a low of Rs 84.85 so far during the day. The stock had hit a record low of Rs 46.60 on 30 August 2012. The stock had hit a 52-week high of Rs 91.85 on 22 January 2013.

The stock had outperformed the market over the past one month till 18 April 2013, surging 32.46% compared with the Sensex's 1.43% fall. The scrip had also outperformed the market in past one quarter, rising 3.42% as against Sensex's 5.1% fall.

The large-cap company has an equity capital of Rs 1032.01 crore. Face value per share is Rs 5.

Shares of Reliance Communications (RCom) had risen 4.87% to settle at Rs 86.10 on Thursday, 18 April 2013, from a recent low of Rs 82.10 on 17 April 2013. The stock market was closed on Friday, 19 April 2013, on account of Ram Navmi.

Reliance Communications (RCom) before trading hours today, 22 April 2013, said that Samena Capital in a proposed consortium with certain other global PE funds is at an advanced stage of the process of due diligence and completion of definitive documents in relation to the acquisition of the company's global communications services business unit -- Reliance Globalcom. The intended time line for completion of the transaction is end May 2013. At this point, there can be no certainty that this will lead to a transaction, RCom said. A further announcement will be made in due course, if and when appropriate, the company said.

RCom also said that it has discontinued discussions with Batelco Group for selling its sake in Reliance Globalcom. RCom had earlier said in March 2013 that it was in discussions with Batelco Group with respect to Reliance Globalcom.

RCom's consolidated net profit dropped 43.5% to Rs 105 crore on 1.3% growth in net sales to Rs 4797 crore in Q3 December 2012 over Q3 December 2011.

RCom is the flagship company of the Anil Dhirubhai Ambani-controlled Reliance Group. The company, with a customer base of over 130 million including over 2.5 million individual overseas retail customers, ranks among the Top 4 Telecom companies in the world by number of customers in a single country. RCom corporate clientele includes 35,000 Indian and multinational corporations, and over 800 global, regional and domestic carriers.

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