Shares of Reliance Communications made a smart comeback today, rising by nearly 5 per cent, on value-buying at lower level.
The stock jumped 4.68 per cent to settle at Rs 49.25 on BSE. During the day, it surged 7 per cent to Rs 50.35.
On NSE, it went up by 4.89 per cent to close at Rs 49.25.
In terms of volume, 66.68 lakh shares of the company were traded at BSE and over 4 crore shares changed hands at NSE during the day.
The stock had fallen nearly 4 per cent in the previous session.
Telecom operator Reliance Communications yesterday said it expects to cut down its debt by 75 per cent through merger of MTS, Aircel and sale of mobile towers.
"Integration of MTS business with RCom is on track. We expect to complete the integration in August and make announcement with respect to Aircel merger anytime in June. Once we complete the Aircel transaction, we will go for the tower deal," RCom CEO for Consumer Business Gurdeep Singh said yesterday during a conference call.
"With completion of these deals, we expect RCom's debt to reduce by 75 per cent."
RCom's net debt at the end of March 2016 stood at Rs 41,362.1 crore.
