RCOM surges 5%

RCOM surges 5%

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Shares of RCOM was higher by 5% at Rs. 34.

The stock has hit a high of Rs. 35 and a low of Rs. 33.

Yesterday, the stock surged 9%.

Reliance Group Chairman Anil Ambani reportedly said that the “new” Reliance Communications (RCOM) will be “capex light” and emerge as India’s largest B2B (business-to-business) entity that is “focussed on the global and enterprise business”.

“There is a huge opportunity — and as an opportunity for India grows with $400 billion in reserves and, we will grow as well,” Ambani reportedly said.

Earlier, RCom signed a deal with Mukesh Ambani’s Reliance Jio to sell wireless infrastructure assets for Rs. 23,000 crore on December 28.

Under the new debt plan, the balance debt in RCom is expected to be Rs 6,000 crore.

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Yash Ved
Yash Ved is a Senior Correspondent at NewsBarons and comes with a decade of experience across leading online and offline publications. A keen observer of the stock index movement, Yash also likes covering Real Estate and the BFSI sector. A financial management and Journalism student, Yash believes learning as a continuous journey and enjoys following the IT and the Pharmaceutical industry and has penned many articles on the subjects.
yash@newsbarons.com