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.

Shares in No 2 telecoms firm Reliance Communications rose more than 3 per cent on Thursday after a report it was considering a merger with South Africa's MTN or roping in a strategic foreign investor to raise funds.

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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 were up 0.5 per cent, while smaller rival Idea was up 1.1 per cent.