Rcom Stock Gains 10pc On Settling Rs453cr Ericsson Dues

Shares of Reliance Communications Limited (RCom) surged 10% to Rs4.40 per share on Tuesday after its chairman Anil Ambani settled Rs580 crore dues to Swedish equipment maker Ericsson,

Last month, the Supreme Court has observed a willful default in payments and had held Anil Ambani guilty of contempt of court and ordered Reliance Communications to clear its dues to Ericsson within four weeks time or face a jail term, as per a PTI report citing sources..

Apart from RCom Stocks, the other stocks of Anil Dhirubhai Ambani Group also surged in trade Tuesday. Reliance Capital gained 4.46% to Rs188.65 per share and Reliance Industries rose 0.21% to Rs1352.85 per share, Reliance power Limited rose 5% to Rs.11.55 per share, Reliance Infrastructure advanced 3.90% percent to Rs 140.35 as on 11.00 am Tuesday, on the NSE

In comparison, the Sensex recovered its early loses and rose 114 points at 38209-levels, while the Nifty gained 26.50points at 11,488 levels, at par with the  key level 11,500.