Prefer Reliance Communications for short term: ICICI Direct

The momentum is with Reliance Industries and from the short-term perspective we do like Reliance Communications, says Karan Mittal, ICICI Direct.

Mittal told CNBC-TV18, "The momentum is with Reliance Industries and from the short-term perspective we do like RComm. But from a longer term period we will have to see what are the integrities of the deal with RIL and how the revenue sharing pans out with them. So from a longer period it is still to be seen because Rs 1200 crore which has already come in RComm that is a small amount given the debt which RComm have."
Reliance Communications ended at Rs 65.85, up Rs 2.85, or 4.52 percent. It has touched an intraday high of Rs 67.25 and an intraday low of Rs 63.60.
The share touched its 52-week high Rs 91.85 and 52-week low Rs 46.60 on 22 January, 2013 and 30 August, 2012, respectively. Currently, it is trading 28.31 percent below its 52-week high and 41.31 percent above its 52-week low. Market capitalisation stands at Rs 13,591.62 crore.