RCom shares rise sharply by 10.5 pc after Q3 earnings

New Delhi, Jan 30 (PTI) Shares of Reliance Communicationstoday ended the day with 10.5 per cent gains after the companyreported narrowing of consolidated loss to Rs 130 crore forthe quarter ended Dece

New Delhi, Jan 30 (PTI) Shares of Reliance Communications

today ended the day with 10.5 per cent gains after the company

reported narrowing of consolidated loss to Rs 130 crore for

the quarter ended December 2017.

The stock soared 10.46 per cent to end at Rs 30.10 on

BSE. During the day, it zoomed 18.89 per cent to Rs 32.40.

On NSE, shares of the company surged 10.47 per cent to

close at Rs 30.05.

The company’s market valuation rose by Rs 788.25 crore to

Rs 8,324.25 crore.

In terms of equity volume, 276.85 lakh shares of the

company were traded on BSE and over 30 crore shares changed

hands on NSE during the day.

The debt-ridden company yesterday reported shrinking of

consolidated loss to Rs 130 crore for the December quarter,

mainly on account of closure of its loss-making mobile

business.

The company had reported a loss (attributable to equity

holders) of Rs 531 crore in the same period a year ago. It

also sharply lowered its loss from Rs 2,712 crore in the July-

September quarter of the ongoing fiscal.

“RCom’s planned exit from the consumer business has

achieved more than the desired results. RCom has reduced its

net loss by over 95 per cent. RCom expects to deliver even

better financial performance in the coming quarters,” RCom

Chairman Anil D Ambani said in a statement.

This is published unedited from the PTI feed.