MUMBAI (Reuters) - Reliance Communications Ltd gained more than 10 percent on Monday after the company said it will spin off its real estate business into a separately listed unit.
The unit, Reliance Properties, will work with global partners to develop real estate, which includes land in Mumbai and New Delhi, Reliance Communications said on Friday.
The value of the real estate when developed was estimated to be more than 120 billion rupees, the company said.
Reliance Communications were up 9.65 percent at 1:54 p.m., after hitting a session high of 149.60 rupees. The stock has gained more than 100 percent this year.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app