Rcom rings a good tune

Rcom is the top gainer on the BSE. The stock price, on opening bell jumped up 4.5% to Rs.29. Its 52-week high is at Rs.41.77.

The market is enthused with the Q3FY18 performance of this Anil Ambani company. It posted a net loss of Rs.139 crore but this was 95% lower than loss of Rs.2712 crore posted in Q3FY17.

The company’s planned exit from the consumer business has achieved more than the desired results. RCOM expects to deliver even better financial performance in the coming quarters.

RCOM's new business portfolio comprises business-to-business (B2B) businesses like global and Indian enterprise, internet data centers, global submarine cable network and international long distance voice with around 40,000 global and Indian customers.

The company has a debt of over Rs.45,000 crore and recently, Mukesh Ambani’s Jio agreed to buy almost all its wireless assets like spectrum, tower, fobre and media convergenc nodes for around Rs.24,000 crore.