Reliance Communications' (Rcom) acquisition of Sistema Shyam Teleservices may spark further Indian telco M&A, according to Fitch Ratings.
Larger operators are likely to seek acquisitions as they require more spectrum to support their fast-growing 3G/4G service revenues; while smaller, loss-making telcos will be willing sellers due to rising competition and the regulator's decision to relax spectrum rules, Fitch Ratings said.
The scrip opened at Rs. 71.1 and has touched a high and low of Rs. 71.9 and Rs. 63.75 respectively. So far 9462420(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 17696.65 crore.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 117.4 on 18-Nov-2014 and a 52 week low of Rs. 45.65 on 25-Aug-2015. Last one week high and low of the scrip stood at Rs. 82.35 and Rs. 68 respectively.
The promoters holding in the company stood at 59.7 % while Institutions and Non-Institutions held 29.58 % and 10.3 % respectively.
The stock is currently trading above its 50 DMA.
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