Reliance Communications surged 14.31% to Rs 31.15 at 11:59 IST on BSE after the company reported consolidated net loss of Rs 130 crore in Q3 December 2017 compared with net loss of Rs 531 crore in Q3 December 2016.
Reliance Communications' (RCom) total income fell 30.74% to Rs 1176 crore in Q3 December 2017 over Q3 December 2016.
The result was announced after market hours yesterday, 29 January 2018.
Meanwhile, the S&P BSE Sensex was down 209.43 points, or 0.58% to 36,073.82. The S&P BSE Mid-Cap index was down 85.59 points, or 0.48% to 17,624.71, outperforming the Sensex.
High volumes were witnessed on the counter. On the BSE, 2 crore shares were traded in the counter so far, compared with average daily volumes of 88.84 lakh shares in the past two weeks. The stock had hit a high of Rs 32.40 and a low of Rs 27.50 so far during the day. The stock had hit a 52-week high of Rs 41.77 on 29 December 2017. The stock had hit a record low of Rs 9.60 on 15 November 2017.
RCom's planned exit from consumer business results in sharp drop in net quarterly loss. Consumer business comprised wireless, direct to home and public call offices (PCO).
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Anil D Ambani, Chairman, Reliance Communications said that the company's planned exit from the consumer business has achieved more than the desired results. RCom expects to deliver even better financial performance in the coming quarters, he added.
RCom's new business portfolio comprises business to business (B2B) businesses namely global and Indian enterprise, internet data centres (IDC), global submarine cable network and international long distance voice with around 40,000 global and Indian customers.
The strategic transformation of RCom is well underway. During the quarter, RCom announced to exit from RBI's strategic debt restructuring (SDR) framework. RCom signed the definitive binding agreements for sale of wireless, spectrum(excluding 4G spectrum under sharing), tower, fiber and media convergence node (MCN) assets.
RCom's asset monetization is on track to close by March 2018, subject to lenders' consents and other regulatory approvals.
RCom has established a pan-India, next-generation, digital network that is capable of supporting best-of-class services spanning the entire communications value chain. RCom owns and operates the world's largest next-generation IP-enabled connectivity infrastructure, comprising fibre optic cable systems in India, the USA, Europe, Middle East and the Asia-Pacific region.
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