Reliance Communications stock surges on tariff hikeSeptember 21st, 2012 - 6:18 pm ICT by IANS
Mumbai, Sep 21 (IANS) Shares of Reliance Communications Friday surged over 7 percent after it decided to hike call rates by 25 percent.
At the Bombay Stock Exchange, the scrip closed 7.82 percent at Rs.62.05. It had an intra-day high of Rs.62.70.
Reliance Communications has raised the base tariff by 25 percent to 1.5 paise per second from 1.2 paise per second.
A company spokesperson said this was due to a rise in input costs and tapering off of “competitive intensity” in the sector.
The new tariff is applicable with effect from Friday in four circles and will be extended across the country in next 30 days, he added.
According to the company, the move will help improve topline revenue and operative margins per user.
- Reliance-ADAG shares rally - Dec 27, 2011
- Reliance Group firms' stocks soar - Feb 28, 2012
- Telecom stocks soar after Airtel hikes tariff - Jul 25, 2011
- New telecom firm promoter scrips fall, older one's gain on SC order (Lead) - Feb 02, 2012
- Anil Ambani group shares rally on dividend, stake sale talks - Sep 04, 2012
- Shares of Anil Ambani group firms soar Tuesday - Oct 05, 2010
- Supreme Court order takes toll on telecom scrips - Feb 02, 2012
- Indian equities markets manage to end flat - Jun 13, 2011
- Sensex rebounds 274 points as rupee recovers (Lead) - May 24, 2012
- Sensex closes 200 points up as futures expiry nears - Aug 22, 2011