RCom gains ahead of board meeting

Reliance Communications rose 2.33% to Rs 77 at 10:24 IST on BSE ahead of the firm's board meeting today, 2 November 2015, to consider a scheme of arrangement for demerger of telecom business undertaking of Sistema Shyam Teleservices into the company.

The company announced about the board meeting on Saturday, 31 October 2015.

Meanwhile, the BSE Sensex was down 116.82 points, or 0.44%, to 26,540.01.

On BSE, so far 3.81 lakh shares were traded in the counter, compared with an average volume of 18.22 lakh shares in the past one quarter.

The stock hit a high of Rs 77.40 and a low of Rs 75.50 so far during the day. The stock hit a 52-week high of Rs 117.40 on 18 November 2014. The stock hit a record low of Rs 45.65 on 25 August 2015.

The stock had outperformed the market over the past one month till 30 October 2015, rising 10.82% compared with 1.92% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 10.10% as against Sensex's 3.78% decline.

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

On 15 June 2015, Reliance Communications (RCom) announced that the company and AFK Sistema had entered into exclusive discussions on a merger between the Indian telecom business of Sistema Shyam TeleServices (SSTL) and RCom through a stock swap.

On a consolidated basis, RCom net profit rose 34.1% to Rs 177 crore on 2.6% increase in net sales to Rs 5429 crore in Q1 June 2015 over Q1 June 2014. The company announce Q2 results on Friday, 6 November 2015.

RCom is an integrated telecommunications service provider.

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