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.
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