RCom gains on settlement agreement with Ericsson

Reliance Naval, Reliance Power, Reliance Capital and Reliance Infra were others Anil Ambani Group stocks up in the range of 2% to 12% on the BSE.

Reliance Communications (RCom) was up 15% to Rs 20.10 on the BSE in early morning trade after the National Company Law Appellate Tribunal (NCLAT) stayed the May 15 order of the National Company Law Tribunal (NCLT) in Mumbai, which had admitted the RCom and two of its subsidiaries for insolvency proceedings.

“The NCLAT vide its orders dated May 30, 2018 stayed, with immediate effect, all the three orders dated May 15, 2018 whereby NCLT had admitted the Company and its subsidiaries Reliance Infratel Limited and Reliance Telecom Limited to Corporate Insolvency Resolution Process (CIRP) under Insolvency and Bankruptcy Code,