WAYS2CAPITAL STOCK TIPS : Reliance Communications Gains 10% After Rs 550-cr Payment To Ericsson

Shares of Reliance Communications rose 10 percent intraday on March 19 to hit the upper circuit after the Anil Ambani-led company said it paid Rs 550 crore to Swedish company Ericsson.

“The requisite payment of Rs 550 crore and interest thereon to Ericsson has been completed today in compliance of the judgment of the Hon’ble Supreme Court,” the company said in an exchange filing on March 18.

The company in another press release further said the agreement between the company, RTL, RITL (RCOM Group) and Reliance Jio for sale of certain specified telecom assets was terminated by mutual agreement.

The reasons cited for the termination are non-receipt of consents/objections from RCOM’s lenders, non-receipt of requisite permissions and approvals from DoT, and the order passed by NCLAT restraining the sale, transfer or alienation of any movable or immovable property of RCOM, RTL and RITL.

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