RCom shares stage strong comeback; zoom 57% on settlement buzz with Ericsson

Shares of Reliance Communications (RCom) on Thursday bounced back sharply, skyrocketing nearly 57 percent amid reports of settlement talks with Ericsson

|May 17, 2018, 19:12:47 IST

New Delhi: Shares of Reliance Communications (RCom) on Thursday bounced back sharply, skyrocketing nearly 57 percent amid reports of settlement talks with Ericsson.The stock soared 56.87 percent to end at Rs 16.55 on BSE. During the day, it jumped 69.66 percent to Rs 17.90.[caption id="attachment_4473553" align="alignleft" width="380"]

Representational image. Reuters.[/caption]Led by the massive jump in the share price, the company's market valuation zoomed Rs 1,659.96 crore to Rs 4,576.96 crore.BSE on Thursday sought clarification from RCom with reference to news that RCom, Ericsson have informed NCLT that they are in settlement talks.Buying was also seen in other group stocks, with Reliance Naval and Engineering rising 33.07 percent, Reliance Capital 4.64 percent and Reliance Infrastructure 3.21 percent on BSE.Shares of RCom on Wednesday plunged nearly 16 percent after NCLT admitted an insolvency petition filed by Ericsson against the company and two of its subsidiaries.

JPMorgan to hire 1,000 technology professionals for India GCCs amid AI-led transformation

Wall Street banking giant to expand hiring across cloud, cybersecurity and AI data pipeline roles as it strengthens its India Global Capability Centres despite AI-driven workforce optimisation.

1 min read

BOJ seen raising interest rates by December as weak yen fuels inflation risks

Majority of economists expect Japan's central bank to deliver a 25-basis-point rate hike by year-end, with further policy tightening likely through 2027.

2 min read

'From make in India to launch from India': Skyroot COO on why Vikram-1 could change India’s space sector

Skyroot Aerospace’s successful Vikram-1 mission marks a major milestone for India’s private space sector, as the country seeks to shift from “Make in India” to “Launch from India” and compete in the global commercial satellite launch market

8 min read

Google burns cash for first time as AI spending pushes 2026 capex to $205 billion

Google parent Alphabet reported negative free cash flow of $5.9 billion in the second quarter for the first time since going public, as surging AI infrastructure spending pushed its 2026 capital expenditure forecast to as much as $205 billion

6 min read

Tesla sells more cars but makes less money: Why Musk’s AI pivot is squeezing profits

Tesla’s record Q2 deliveries failed to translate into higher profits as price cuts, falling regulatory-credit revenue and Elon Musk’s aggressive AI spending squeezed margins and pushed the EV maker into negative free cash flow

5 min read

Up Next