Reliance Comm shares rise more than 3 per cent
Shares in No 2 telecoms firm Reliance Communications rose more than 3 per cent today after a report it was considering a merger with South Africa's MTN or roping in a strategic foreign investor to raise funds.business Updated: Jun 03, 2010 09:46 IST
Shares in No 2 telecoms firm Reliance Communications <RLCM.BO> rose more than 3 per cent on Thursday after a report it was considering a merger with South Africa's MTN <MTNJ.J> or roping in a strategic foreign investor to raise funds.
Abu Dhabi's Etisalat said on Wednesday it was looking to buy a stake in an Indian mobile operator, but did not disclose any names. A newspaper had reported it was in talks with cash-hungry Reliance Communications for a $3.8 billion deal.
At 0343 GMT, shares in the billionaire Anil Ambani-controlled firm were up 2.3 per cent at 158.10 rupees, after rising to as high as 159.50 rupees.
Shares in No 1 Indian telecoms firm Bharti Airtel <BRTI.BO> were up 0.5 per cent, while smaller rival Idea <IDEA.BO> was up 1.1 per cent.