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RCom soars 3% ahead of AGM

PTI     September 28, 2010
Anil Ambani Group firm Reliance Communications (RCom) jumped nearly three per cent in early trade on the Bombay Stock Exchange on Tuesday, ahead of its AGM to be held later in the day, wherein it will seek its shareholders nod to raise funds.

Shares of the telecom major climbed 2.97 per cent to touch an early high of Rs 174.65 per piece on BSE and grabbed the top slot in the Sensex pack.

The company is holding its sixth annual general meeting on Tuesday, where it will seek its shareholders approval to raise funds to enhance its global competitiveness and strengthen its financial position.

The rise in the scrip was significant as the broader market gauge Sensex was trading flat at 20,128.05.

On the National Stock Exchange as well, RCom was quoting higher by 2.21 per cent, at Rs 173.50 per share.

Other telecom stocks were trading in the positive, too - Bharti Airtel up 0.28 per cent at Rs 374.10, MTNL was up 1.33 per cent and Tata Teleservices was up 0.44 per cent.

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