Investors in Anil Ambani group firm Reliance Communications have reaped a windfall with the company adding over Rs 50,000 crore (Rs 500 billion) in its market cap since its listing on the bourses last year.

RCOM scrip has gained 40 per cent since its listing on March 6, 2006 and the company recently crossed the Rs 100,000 lakh crore (Rs 1 trillion) mark in market cap joing the leagues of Oil and Natural Gas Corporation, Reliance Industries Ltd, Infosys, National Thermal Power Corporation, Tata Consultancy Services and Bharti Airtel.

Analysts expect a rally in RCOM's stocks due to the huge discount it is trading on, as compared to its rival Bharti Airtel. Shares of Bharti have gained over 70 per cent since last year, becoming the third most valued firm at the bourses.

According to a report by global research firm UBS, RCOM has underperformed Bharti by 24 per cent since the beginning of January 2007.

"We were previously concerned that Bharti had been outperforming RCOM based on fundamentals, particularly revenue growth and there was a risk of RCOM overpaying for Hutch Essar. Given Vodafone outbid RCOM and RCOM's recent relative under-performance, we believe RCOM offers an attractive risk reward to foreign investors," the UBS report said.

The company, with an investor base of over two million, posted a net profit of over Rs 900 crore (Rs 9 billion) in the quarter ended December 2006. RCoM is also investing Rs 11,000 crore (Rs 110 billion) in the next one year.