May 31, 2018 / 4:15 AM / 3 months ago

BUZZ-India's RCom surges; expects to complete asset sale in coming weeks

** Shares of Reliance Communications (RCom) jump as much as 20 pct to 21 rupees, their highest in nine sessions

** Anil Ambani-led co said on Wednesday it expects to complete its asset sale to Reliance Jio Infocomm and Canada’s Brookfield in coming weeks

** It also settled with telecom gearmaker Ericsson for partial payment of dues owed to the Swedish co

** Separately, RCom’s qtrly consol net loss widened to 198.27 bln rupees ($2.94 bln), from a loss of 11.12 bln rupees last year on provisioning for asset impairments

** Over 100 mln shares change hands in the first 20 minutes of trade vs 30-day average of around 150 mln shares

** Stock has an estimated PE of -2.16, lagging sector average of 24.20

** Shares of the debt-laden co have fallen 51.6 pct this year as of Wednesday’s close ($1 = 67.3750 Indian rupees)

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