MUMBAI Shares in Reliance Communications Ltd (RLCM.NS) ended 7.62 percent higher at 86.10 rupees after The Economic Times newspaper reported the company was in talks to sell a stake in its mobile tower unit to Reliance Industries Ltd (RELI.NS).
The stock nearly recovered most of its Thursday's losses of 9.14 percent, sparked by a sharper-than-expected fall in its October-December quarter.
The Economic Times reported Reliance Communications was in talks over a stake sale in Reliance Infratel to a unit of Reliance Industries, as well as leasing arrangement for mobile towers, citing two people close to the negotiations.
(Reporting by Abhishek Vishnoi)
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With the Nifty breaching 8,500, sentiments are again bullish. But markets have been in the 8,200-8,600 range for some time and stocks across the board do not give the required confidence except for the liquidity factor. Many frontline stocks are not participating on the upside and the core sector is in a downtrend, writes Ambareesh Baliga. Column