Reliance Communications rose 0.17% to Rs 60.50 at 10:45 IST on BSE after the company said total bids made by the company in the spectrum auctions stood at Rs 4299 crore with upfront payment at Rs 1106 crore.
The announcement was made before market hours today, 27 March 2015.
Meanwhile, the S&P BSE Sensex was up 15.16 points or 0.06% at 27,476.38.
On BSE, so far 2.87 lakh shares were traded in the counter as against average daily volume of 12.66 lakh shares in the past one quarter.
The stock hit a high of Rs 61.50 in intraday trade. The stock hit a low of Rs 59.90 so far during the day, with the price matching with 52-week low hit on 26 March 2015. The stock had hit a 52-week high of Rs 156.90 on 10 June 2014.
The stock had underperformed the market over the past one month till 26 March 2015, falling 10.45% compared with the Sensex's 4.48% fall. The scrip had also underperformed the market in past one quarter, dropping 24.92% as against Sensex's 0.79% rise.
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The large-cap telecom company has equity capital of Rs 1244.49 crore. Face value per share is Rs 5.
Reliance Communications (RCom) said that it became India's first and only operator with nationwide footprint of contiguous 800/850 MHz spectrum. RCom is a only operator capable of launching state-of-the-art LTE nationwide on vastly-superior 800/850 MHz band in India, it added. RCom's auction participation centered on building appropriate spectrum portfolio and value creation for next 20 years. RCom invested nearly 50% of its total outlay on 800/850 MHz band RCom acquired new and top-up 800/850 MHz spectrum in 11 Circles to achieve contiguous 5 MHz spectrum holding nationwide.
RCom's operations now future-proofed across all circles for most advanced LTE technology at most optimal cost. RCom holds 3G and CDMA spectrum in alI 7 circles, with legacy 2G spectrum expiring in December 2015. RCom has also re-acquired spectrum in 900/1800 bands in 4 of the seven 2G spectrum expiry circles. It bought 900 MHz spectrum in Madhya Pradesh, Himachal Pradesh and won 1800 MHz spectrum in Orissa, North East. RCom will accelerate transition of 2G customers in remaining 3 circles to 3G before December 2015.
RCom also has appropriate ICR arrangements to ensure uninterrupted quality service to its customers across all circles.
Meanwhile, the Ministry of Communications & Information Technology said in a statement late yesterday, 26 March 2015, that the spectrum auction in 1800 MHz, 900 MHz, 2100 MHz and 800 MHz band, which commenced on 4th March 2015 and ended on 25th March 2015 after 115 rounds over 19 days, has fetched over Rs 1.09 lakh crore. In all 470.75 MHz has been put to auction in various LSAs. (in 800, 900, 1800 & 2100 MHz bands). This compares with 390 MHz in November 2012 and 426 MHz in February 2014.
There was robust activity in the all the spectrum bands and vibrant bidding. Prices have significantly increased in 50 of the 69 offerings with bid price being as high as 300% over reserve price in some instances. Over 88% of the spectrum on offer has been provisionally committed at a value of over Rs 1.09 lakh crore. The overall increase over estimated proceeds from auction is about 37%, Ministry said.
RCom's consolidated net profit rose 86.1% to Rs 201 crore on 1.2% rise in total income to Rs 5469 crore in Q3 December 2014 over Q3 December 2013.
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