Shares of the telecom giant Reliance Communications (RCom) on Thursday gained up to 3.54 per cent in the early trade on the Bombay Stock Exchange amid reports that Citigroup has raised the company's rating to "buy" from "sell", saying a good asset is available at a discount.
According to media reports, the brokerage firm said the RCom stock is currently trading below Rs 120, which makes it an attractive acquisition candidate.
Bolstered by the development, shares of Anil Ambani-led RCom surged 3.54 per cent to Rs 106.60 a piece in the morning trade on Bombay Stock Exchange. The counter was the best performer in the early trade on the benchmark Sensex.
In a similar fashion, the RCom scrip witnessed a jump of 3.49 per cent to Rs 106.60 a share on National Stock Exchange.
Meanwhile, the 30-share bellwether Sensex was quoting at 18,256.47 at 10.03 am.