May 18, 2018 / 6:02 AM / 4 days ago

BUZZ-India's RCom surges on reports of settlement talks with Ericsson

** Shares of Reliance Communications Ltd (RCom) surge for a second straight day, rising as much as 29.9 pct to 21.30 rupees, their highest in a month

** Debt-ridden RCom is in advanced talks with Ericsson for an out-of-court settlement of its dues, media reported on Thursday, pushing the stock up nearly 70 pct

** India’s bankruptcy court National Company Law Tribunal on Wednesday admitted an insolvency plea by the Swedish telecom gear-maker against RCom, potentially delaying the Indian firm’s plans to sell assets to cut its debt

** Ericsson, which signed a 7-yr deal in 2014 with co, is seeking 11.55 bln rupees ($169.9 mln) from RCom and 2 of its units

** RCom stock has declined 54.6 pct this year as of last close on Thursday

** Nearly 315 mln shares change hands by 0600 GMT vs 30-day avg volume of 96.8 mln ($1 = 67.9900 Indian rupees)

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