The market breadth was in favour of the advances on Monday morning with 838 stocks advancing as against 620 declines while 198 remained unchanged. On the other hand, 1392 stocks advanced and 822 stocks declined while 101 remained unchanged on the BSE.
The system, which will connect its base in India with Italy to the West and Hong Kong on the East, is expected to treble revenues in five years for its wholly-owned subsidiary Global Cloud Exchange, which is laying the cable, the company said here today.
The market breadth was in favour of the advances on Wednesday morning with 960 stocks advancing as against 649 declines while 389 remained unchanged. On the other hand, 1357 stocks advanced and 868 stocks declined while 89 remained unchanged on the BSE.
High net worth individuals are showing a lot of interest in trading the shares of stressed companies on anticipation that these firms have some intrinsic value left in them.
The move comes close on the heels of a mega deal announcement late last month that Reliance Jio will acquire the spectrum, tower, optical fiber network and other wireless assets of RCom.
A lawyer for CDB told the National Company Law Tribunal that the Chinese bank had filed to withdraw the petition. The tribunal allowed CDB's plea to go forward.
In what could be considered a landmark year for the telecom sector in India, 2017 saw telcos consolidate like never before. By the end of the year, there were only three major players left in the market.
Any progress will be disclosed in the near future, the Chinese bank told Reuters late Thursday in response to a request for comment on the Indian carrier's debt-reduction plan.
The stock after a positive opening, further jumped 25.41 per cent to Rs 26.75 on BSE.
The comments come months after Ambani had told his shareholders that the sector was in ICCU and warned of a monopoly in the sector.
The buyers will acquire the entire shareholding of RBTV with business on an "as-is, where-is" basis, it added.
According to various bankers, Chinese lenders account for around 45 percent of the loans to Reliance Communications.
The telecom regulator has suggested raising the limit for overall holding across all bands to 35 percent from 25 percent.
On NSE, shares of the company zoomed 14.10 per cent to Rs 13.75. "Lenders have approved sale of real estate assets RCom holds in Delhi and Chennai for Rs 801 crore to Brookfield," a source privy to the development told PTI yesterday on condition of anonymity.
"Moody's has today withdrawn Reliance Communications' (RCom) Ca corporate family rating (CFR) and its negative outlook.
The Karnataka-based company has claimed a due of Rs 2.7 crore for the biometrics fingerprint scanners supplied to RCom in 2016. However, the money was not paid as RCom claimed that the invoices were raised in the name of HP financial services and not RCom.
Recently, Reliance Communications said it would shut down voice call service from December 1 and its customers could move to other networks by this year end, as per directions by Telecom Regulatory Authority of India (TRAI).
Debt-laden Reliance Communications today said it is renegotiating the tower business deal with all interested parties, including Brookfield Infrastructure Group.
On October 30, the company had announced that its lenders would convert part of its debt into equity to the tune of 51 percent stake in RCom.
"RCom today entered into a binding memorandum of understanding (MoU) with Veecon Media and Television Ltd, for sale of its subsidiary Reliance BIG TV Ltd, engaged in the business of direct-to-home (DTH) services across India," the company said in a statement.
Loss-making telecom operator Reliance Communications will shut down voice call service from December 1 and its customers can move to other networks by the end of the year, as per direction issued by telecom regulator Trai today.
Earlier this week, billionaire Anil Ambani-led Reliance Communications said lenders will convert part of their debt to equity to gain 51 per cent control of the company.
RCom will pay off up to Rs 17,000 crore of its debt, out of the proceeds of monetization of spectrum, towers and fiber and MCN.
After a weak opening, shares of the company further lost 4.55 per cent to Rs 15.70 - 52-week low - on BSE. On NSE, the stock lost 4.86 per cent to hit a one-year low of Rs 15.65.
RCom Executive Director Gurdeep Singh is learnt to have informed employees that the company has reached a "situation where we need to call it a day on our wireless business" and this would lead to closure of "wireless business 30 days from now".