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RComm up on reports of stake sale in tower unit
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1 of 2. A construction supervisor speaks on a mobile phone amid rolls of underground telephone cable pipes on the outskirts of the southern Indian city of Hyderabad November 29, 2010.
Credit: Reuters/Krishnendu Halder/Files
MUMBAI |
MUMBAI (Reuters) - 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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