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      RCom gains on ICRA upgrades

      MoM Team / Mumbai, Jun 23, 2016 11:33 AM IST

        RCom gains on ICRA upgrades

        Reliance Communications jumped over  2 percent to Rs 48.70 on BSE after a credit rating agency, ICRA upgraded its outlook to stable from negative on the long term rating 'BBB+' of the company.

        The announcement was made after market hours yesterday, 22 June 2016.

        Meanwhile, the BSE Sensex was down 13.36 points, or 0.05 percent, to 26,752.29.

        On BSE, so far 17.38 lakh shares were traded in the counter, compared with an average volume of 22.17 lakh shares in the past one quarter. The stock hit a high of Rs 49.25 and a low of Rs 48.20 so far during the day.

        The stock hit a 52-week high of Rs 91.80 on 1 January 2016. The stock hit a record low of Rs 45.65 on 25 August 2015. The stock had underperformed the market over the past one month till 22 June 2016, falling 4.79 percent compared with Sensex's 5.79 percent rise. The scrip had also underperformed the market in past one quarter, dropping 8.18 percent as against Sensex's 5.67 percent rise.

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

        Reliance Communications added that ICRA has also reaffirmed rating of A2+ for short-term fund based/non fund based limits and commercial papers of the company.

        Reliance Communications' (RCom) consolidated net profit fell 22.4 percent to Rs 177 crore on 1.8 percent decline in net sales to Rs 5579 crore in Q4 March 2016 over Q4 March 2015.

        RCom is an integrated telecommunications service provider.

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