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RCom stock rises on Q2 earnings

Reliance Communications profit rose six times to Rs 675 crore for the quarter ended September 30, 2013.

BT Online Bureau   New Delhi     Last Updated: November 13, 2013  | 17:11 IST
Reliance Communications rises on Q2 earnings

Reliance Communications on Wednesday rose after the firm reported  over six-fold jump in its net profit at Rs 675 crore for the quarter ended September 30. The company had reported a net profit of Rs 102 crore in the corresponding period last financial year, it said in a statement on Tuesday.

The company said the net profit includes Rs 441 crore from a write back provision.

"The company has, during the quarter, reassessed the requirement of maintaining balance of Rs 441 crore of provision for business restructuring created pursuant to the schemes of amalgamation approved by High Court in financial year 2006-07 and as determined by the board, credited to other income as no longer required," it said.

RCom stock closed 2.48 per cent higher to Rs 132.35 on the BSE.

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