Reliance Comm spurts 5% on Infratel IPO plans

The stock soared to a high of Rs 294 - up 6.5%. It finally ended with a gain of 4.3% at Rs 291. The stock has surged 10% in the past week. Over 5.51 million shares were traded on the BSE today.
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(Updated at 1304 hrs)

Reliance Communications has soared over 5% to a high of Rs 291 on the back of revived its plans of Reliance Infratel IPO.

Reliance Infratel, the tower subsidiary of telecom service provider Reliance Communications (RCom), will file a draft Red Herring Prospectus (DRHP) for its proposed Initial Public Offer (IPO) of around Rs 5,000 crore within a week.

 

The stock is currently trading at Rs 290, up 5.2%. The counter has clocked heavy volumes of around 3.12 million shares as against its average two-week daily traded quantity of 1.88 million shares on the BSE.