Reliance Com,Reliance Power stocks fly

Reliance Communications stock rocketed 6% due to a loan from China Development Bank.

Reliance Communications stock rocketed nearly 6 per cent on the bourses today after the Anil Ambani group firm drew the final tranche of Rs 1,200 crore from the Rs 8,700-crore loan from China Development Bank to refinance 3G spectrum fees.

The scrip settled 5.66 per cent higher at Rs 85 on the BSE. During intra-day trading,the stock jumped by 6.58 per cent to Rs 85.75 a piece.

On the NSE,the company’s shares surged by 5.92 per cent to settle at Rs 84.95 a piece.

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Reliance Communications today said it has drawn down third and the final tranche of Rs 1,200 crore (USD 266 million) toward refinancing the 3G spectrum fees out of the Rs 8,700 crore (USD 1.93 billion) facility signed with China Development Bank (CDB) on March 9,2011.

Reliance Power stock,another firm from ADAG stable,also witnessed brisk buying and jumped 4.98 per cent to Rs 116 on the BSE after the company posted 11 per cent rise in net profit at Rs 760.44 crore for the financial year ended March 31,2011.

On the NSE,Reliance Power rose by 4.77 per cent to close at Rs 115.35.

Meanwhile,the BSE 30-share index,Sensex,today closed 221.46 points,or 1.23 per cent,higher at 18,266.10.

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Anil Ambani Group

Premji said that Wipro would partner with the Government "to find a lasting solution for Bengaluru's mobility challenges".

Wipro rejects Karnataka Govt request to allow public vehicles inside Sarjapur campus

Cities8 hr ago

Wipro, a leading company in Bengaluru, has refused to allow public vehicles inside its Sarjapur campus to ease traffic congestion. However, they have agreed to finance a study to find a solution for the traffic problem. The founder, Azim Premji, believes that the issue is complex and requires expert analysis. Wipro has also committed to funding a significant portion of the study's cost.

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