Reliance Communications has sought government approval for sponsoring a secondary Global Depository Receipts offering of up to $1.2 billion, representing 6.53 per cent of the total paid-up equity shares of the company.
Hutchison has made it clear to prospective bidders that it can sell its 67 per cent stake in Hutchison Essar without offering the first right of refusal to the Ruias who hold the remaining 33 per cent in the joint venture.
Reliance Communications is in discussions with American billionaire and financier George Soros to raise funds for the Hutch-Essar acquisition.
The NSE Nifty ended down 22 points at 4,264.
The NSE Nifty ended up 7 points at 4,259.
RCom shares fell 0.34 per cent to Rs 145.50 at the close on the BSE.
The Sensex opened with a positive gap of 61 points at 16,782. It finally ended with a gain of 405 points at 17,126. Bharti Airtel zoomed 9.6% to Rs 925 and RCom soared 8.3% to Rs 577. ICICI Bank surged 4.5%, HDFC and SBI rallied 4% each, Satyam, NTPC and Larsen & Toubro were up over 1% each and ITC, ONGC, R-Energy, Wipro, Tata Steel, BHEL and M&M were other gainers. ACC dropped nearly 2% to Rs 783 while Maruti and DLF were down around 1%.
Reliance Communication has launched its new gaming tool 'Stock Mania' to develop the stock market skills of its subscribers at Rs 3 for each session.
Starting a price war, Reliance Communications on Tuesday slashed its roaming rates by about 70 per cent at the lowest 40 paise a minute on some select plans, while incoming has been made just Re 1 per minute.
The Bombay Stock Exchange on Tuesday said no rule was overlooked while deciding to include the company in the Sensex - the elite index of top 30 companies - in place of Tata Power.
Reliance on Saturday announced a significant drop in the calling rates to the United States and Canada on its Reliance Global Call Card.
At a session with analysts last Monday, RComm chairman Anil Ambani said the Rs 10,000 crore (Rs 100 billion) investments would be used for network expansion.
Following Reliance Communications' move to break the sub-Rs 1,000 price barrier in the black and white CDMA sets, mobile phone manufacturers are working hard to break the sub-Rs 2,000 barrier for GSM colour mobile phones.
The Sensex opened with a negative gap of 85 points at 13,823.
The Sensex opened with a positive gap backed by fresh buying in technology stocks
In a move that could bring down prices of CDMA handsets further, Qualcomm Inc has licensed Himachal Futuristic Communications Ltd to manufacture 3G CDMA2000 mobile handsets, fixed-wireless phones and line modem cards.
Sources said the letter of intent (LoI) for the group's foray into DTH was given on Monday to Blue Sky Magic, a company of the Reliance-ADA group.\n\n
Anil Ambani group flagship Reliance Communications on Friday entered the elite club of companies with Rs 1 trillion market value on the back of robust quarterly results, joining the likes of ONGC and Reliance.
Anil Ambani group company Reliance Communications on Wednesday posted a 198 per cent increase in net profit at Rs 924 crore (Rs 9.24 billion) for the quarter ended December 31.
Shares of CDMA technology pioneer Qualcomm have come under tremendous pressure over the past one month, losing a market cap of $11.7 billion on the back of Reliance Communication, one of its major customers, mulling the option of switching to GSM.
The fall in metal and mining stocks comes on the back of weak Chinese trade data
Two brothers have begun collaborating in certain businesses.
Offers 40% cheaper calls to India, AT&T also drops rates.
Anil Ambani group company Reliance Communications on Friday a market capitalisation of $20 billion, in line with the rise in stock markets.
It offers a discount of up to 96 per cent on data and and up to 92 per cent on call charges.
J M Morgan Stanley and UBS Securities have suggested that Reliance Communication Ventures has surpassed Bharti Airtel in terms of average usage but had lower revenue per subscriber.
Anil Ambani-controlled Reliance Communication Ventures Ltd, whose market cap has touched Rs 65,000 crore
Anil Ambani-led Reliance Communications on Monday posted a net profit at Rs 702 crore (Rs 7.02 billion) for the second quarter ended September 30, 2006, as against a net loss of Rs 19 crore (Rs 190 million) in the previous quarter.
RCom intends to utilise the proceeds of the proposed transaction to reduce its debt.
Anil Ambani-controlled Reliance Communication Ventures Ltd has become an over Rs 90,000 crore (Rs 900 billion) company going by the conversion price of its just concluded Foreign Currency Convertible Bonds.
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