RCom spurts after release of a portion of promoter's pledged shares

Reliance Communications surged 6.5% to Rs 83.60 at 15:11 IST on BSE after the company said that 6 crore shares pledged by one of its promoter group entities have been released.

Meanwhile, the S&P BSE Sensex was down 229.18 points or 0.88% at 25,888.67.

On BSE, so far 60.23 lakh shares were traded in the counter as against average daily volume of 19.04 lakh shares in the past one quarter.

The stock hit a high of Rs 85.90 and a low of Rs 77.75 so far during the day. The stock had hit a 52-week high of Rs 105.80 on 5 December 2014. The stock had hit a record low of Rs 45.65 on 25 August 2015.

The stock had underperformed the market over the past one month till 2 November 2015, sliding 1.75% compared with Sensex's 1.66% fall. The scrip had, however, outperformed the market in past one quarter, surging 32.83% as against Sensex's 2.61% rise.

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

Reliance Communications (RCom) today, 3 December 2015 said that 6 crore shares of the company comprising 2.41% stake that were pledged by its promoter group entity Reliance Communications Enterprises have been released. After the release of 6 crore pledged shares, the percentage of shares pledged by Reliance Communications Enterprises has fallen to 15.34% of RCom's equity. Reliance Communications Enterprises holds 29.05% stake in RCom.

On consolidated basis, RCom's net profit rose 2% to Rs 156 crore on 3.3% growth in net sales to Rs 5260 crore in Q2 September 2015 over Q2 September 2014.

RCom is an integrated telecommunications service provider.

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