Shares of the telecom giant Reliance Communications (RCom) today gained by up to 3.54% in the early trade on BSE amid reports that the Citigroup has raised the company's rating to "buy" from "sell", saying a good asset is available at a discount.
According to media reports, the brokerage firm Citigroup said that the RCom stock is currently trading below Rs 120, which makes it an attractive acquisition candidate.
Bolstered by the development, shares of Anil Ambani-led RCom surged by 3.54% to Rs 106.60 a piece in the morning trade on Bombay Stock Exchange. The counter was the best performer in the early trade on the benchmark Sensex.
In a similar fashion, the RCom scrip witnessed a jump of 3.49% to Rs 106.60 a share on National Stock Exchange.
Meanwhile, the 30-share bellwether Sensex was quoting at 18,256.47 at 1003 hours.