The stock markets cheered Reliance Industries’ foray into telecom, with the company’s share price rising 3 per cent in the wake of the news of its buying Infotel Broadband Services (IBS).
RIL shares closed at Rs 1,046 after an intraday high of Rs 1,049.5 on BSE.
Meanwhile, Mahendra Nahata-promoted HFCL Infotel too saw its share price rise 5 per cent to close at Rs 11.4 on BSE, but the company has denied it has any stake in IBS.
IBS is owned by Nahata’s son Anant. HFCL has written to BSE that it has no link with IBS.
“HFCL does not hold any share of Infotel Broadband Services,” HFCL said. “HFCL has not entered into any agreement with RIL in this regard.”