RCom scales 52-week high after raising tariff

Meanwhile, the S&P BSE Sensex was up 98.07 points, or 0.5%, to 19,771.71.

On BSE, 15.04 lakh shares were traded in the counter as against an average daily volume of 50.96 lakh shares in the past one quarter.

The stock hit a high of Rs 113.50, which is a 52-week high of the stock. The stock hit a low of Rs 111.80 so far during the day. The stock had hit a record low of Rs 46.60 on 30 August 2012.

The stock had outperformed the market over the past one month till 6 May 2013, rising 78.97% compared with the Sensex's 6.63% rise. The scrip had also outperformed the market in past one quarter, rising 43.91% as against Sensex's 0.17% rise.

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

Shares of Reliance Communications (RCom) had risen 2.36% to settle at Rs 112.75 on Monday, 6 May 2013, on reports of the company raising tariff. According to reports, Reliance Communications (RCom) has increased voice call prices on some of its plans by about 20% and cut promotional offers and discounts on some others by up to 65%.

On 22 April 2013, RCom announced 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 added.

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. The company will announce its year ended 31 March 2013 results (FY 2013) on Friday, 10 May 2013.

RCom has established a pan-India, high-capacity, integrated (wireless and wireline), convergent (voice, data and video) digital network, to offer services spanning the entire infocomm value chain.

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