Reliance Communications shares ascend 11 percent
By siliconindia   |   Wednesday, 02 June 2010, 23:05 IST
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Reliance Communications shares ascend 11 percent
Bangalore: The Reliance Communications (RCom) stock was among the top gainers of the day after its share price went up by 11 percent. After opening the trade at 141.70, the stock touched its day's high of 155.80, before ending the day at 154.60, with a gain of 11.02 percent. Through the day, 1,08,21,484 shares of RCom were traded in the market with the current P/E ratio of the stock at 66.64. The 52 week stock price chart is on the left. Reliance Communications Limited is engaged in the business of providing telecommunications services. The Company has a customer base of approximately 85 million, including 2.2 million individual overseas retail customers. Its corporate clientele includes 2,100 Indian and multinational corporations, and approximately 800 global, regional and domestic carriers. The Times of India reported that Emirates Telecommunications was in advanced talks to buy a quarter of Indian mobile carrier Reliance Communications for 180 billion ($3.8 billion). Recently, MTN and RCom could reopen their merger negotiations. The deal on the sale of a stake in Reliance Communications was snubbed by Mukesh Ambani two years ago, will now show some positive signal for the external investor as the Ambani brothers agreed to end the agreement that prevented them from competing on each other's turf in a deal. Out of the 37 analysts following the stock currently, the consensus recommendation is hold with eight analysts giving this recommendation.