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RCom up 2% after receiving Rs 8,700 cr loan from China Development Bank

Shares of RCom went up 1.81 per cent to hit an early high of Rs 101.10 on the Bombay Stock Exchange (BSE). In the previous session, the stock had gained 9.36 per cent.

twitter-logoPTI | March 10, 2011 | Updated 12:22 IST

Extending the previous session's rally, shares of Reliance Communications (RCom) rose nearly 2 per cent in morning trade on the Bombay Stock Exchange on Thursday after the company received an Rs 8,700 crore loan from China Development Bank.

The Anil Ambani group firm has completed the procedure for obtaining a Rs 8,700 crore loan from China Development Bank to part-finance the cost of 3G spectrum and equipment purchases, it said in a filing to the stock exchange after the market closed on Wednesday.

Shares of RCom went up 1.81 per cent to hit an early high of Rs 101.10 on the Bombay Stock Exchange (BSE). In the previous session, the stock had gained 9.36 per cent.

The stock on Wednesday surged amid media buzz that American Tower Corporation (ATC) may be the highest bidder for the company's tower assets.

RCom, along with another group firm, Reliance Infrastructure, were the only gainers among the 30-Sensex stocks in early trade on Thursday. Reliance Infrastructure was trading higher by 1.49 per cent amid a weak broader market.

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