RCom gains after announcing partnership with Jasper for IoT services

Reliance Communications gained 2.68% to Rs 53.65 at 14:19 IST on BSE after the company announced a tie up with California based Jasper to enable clients to roll-out IoT services.

The company made the announcement during market hours today, 27 August 2015.

Meanwhile, the BSE Sensex was up 517.77 points, or 2.01%, to 26,232.43

On BSE, so far 8.64 lakh shares were traded in the counter, compared with an average volume of 24.67 lakh shares in the past one quarter.

The stock hit a high of Rs 54.20 and low of Rs 52.30 so far during the day. The stock had hit all-time low of Rs 45.65 on 25 August 2015. The stock had hit a 52-week high of Rs 121.65 on 2 September 2014.

The stock had underperformed the market over the past one month till 26 August 2015, falling 23.24% compared with 8.53% fall in the Sensex. The stock also underperformed the market in past one quarter, declining 18.12% as against Sensex's 6.6% decline.

The large-cap company has an equity capital of Rs 1244.49 crore. Face value per share is Rs 5.

Reliance Group companies will be the anchor clients for the IoT rollout in India. A dedicated technical team from Reliance and Jasper will manage the phased roll-out of IoT services across the country, the two companies said in a joint statement. Jasper is a global Internet of Things (IoT) platform leader. Reliance Communications (RCom) is Jasper's sole telecom partner in India.

On a consolidated basis, Reliance Communications' (RCom) net profit rose 34.1% to Rs 177 crore on 0.3% increase in total income to Rs 5541 crore in Q1 June 2015 over Q1 June 2014.

RCom is an integrated telecommunications service provider.

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