RCom gains after ICRA upgrades outlook on long term rating

Reliance Communications rose 2.1% to Rs 48.70 at 11:35 IST on BSE after a credit rating agency, ICRA upgraded its outlook to stable from negative on the long term rating 'BBB+' of the company.

The announcement was made after market hours yesterday, 22 June 2016.

Meanwhile, the BSE Sensex was down 13.36 points, or 0.05%, to 26,752.29.

On BSE, so far 17.38 lakh shares were traded in the counter, compared with an average volume of 22.17 lakh shares in the past one quarter. The stock hit a high of Rs 49.25 and a low of Rs 48.20 so far during the day. The stock hit a 52-week high of Rs 91.80 on 1 January 2016. The stock hit a record low of Rs 45.65 on 25 August 2015. The stock had underperformed the market over the past one month till 22 June 2016, falling 4.79% compared with Sensex's 5.79% rise. The scrip had also underperformed the market in past one quarter, dropping 8.18% as against Sensex's 5.67% rise.

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

Reliance Communications added that ICRA has also reaffirmed rating of A2+ for short-term fund based/non fund based limits and commercial papers of the company.

Reliance Communications' (RCom) consolidated net profit fell 22.4% to Rs 177 crore on 1.8% decline in net sales to Rs 5579 crore in Q4 March 2016 over Q4 March 2015.

RCom is an integrated telecommunications service provider.

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