December 3, 2018 / 7:17 AM / 6 months ago

BUZZ-India's RCom extends gains after top court clears restructuring hurdle

** Shares of Reliance Communications Ltd (RCom) surge 17.9 pct to 16.8 rupees, their highest since Sept 18

** Stock marks its sharpest intraday pct gain since May 31

** RCom’s unit Reliance Realty issues corporate guarantee of 14 bln rupees ($199.91 mln) to the Department of Telecommunications (DoT), as per India’s top court order

** The Supreme Court on Friday ordered DoT to allow co’s telecom spectrum sale to rival Reliance Jio Infocomm in its restructuring process

** Telecom gear maker Ericsson and minority shareholders of Reliance Infratel Ltd will be paid from proceeds of the spectrum trading this week, co says

** RCom also says its asset monetisation programme was on track

** RCom shares see heavy trading volumes - about 173 mln shares change hands as of 0714 GMT, compared with the 30-day moving avg volume of about 56 mln

** Stock has fallen 60.6 pct this year as of last close ($1 = 70.0300 Indian rupees)

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