The stock market on Friday greeted with enthusiasm the reports of Reliance Communications planning acquisition of rival Hutch-Essar, as the Anil Ambani group firm gained a massive Rs 4,000 crore (Rs 40 billion) in market value.
Market players were seen betting on reports of RCL's planned
bid for Hutch-Essar. The acquisition, if successful, will propel RCL as the country's biggest telecom player and third biggest corporate entity in terms of market value.
Although Hutch-Essar is not a listed company, its value is estimated between $13-14 billion (Rs 63,000 crore), according to investment banking sources.
A combination with Reliance Communication could take the combined market value to more than Rs 1,60,000 crore (over $35 billion).
At present, ONGC and Reliance are the top two firms with market cap of more than Rs 1,74,000 crore (Rs 1740 billion)
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each.
Currently, RCL is the seventh largest listed entity. RCL shares settled 4.3 per cent or Rs 19 up at Rs 466.65 on the Bombay Stock Exchange at the close of trading today, taking the total market capitalisation to Rs 95,412 crore (Rs 954.12 billion).
In intra-day trade, the share price rose five per cent to Rs 473, taking the company's market value to over Rs 96,500 crore (Rs 965 billion).
The company's share price had closed at Rs 447.35 on Thursday, and it had a market capitalisation of about Rs 91,400 crore (Rs 914 billion).
Brokers said investors were seen rushing to buy RCL shares, with a total of more than 1.23 crore (12.3 million) shares changing hands at the BSE and NSE.
The company was the second-biggest gainer among the 30 Sensex scrips after Tata Steel on the bourses on Friday.
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