Anil Ambani-led RCom shares jump over 6% on spectrum sharing talks with RJio

Shares of Reliance Communications climbed over 6% on Wednesday after its chairman Anil Ambani said the company is tying up 'trading and sharing' of spectrum with Mukesh Ambani-led Reliance Jio, including for the much-awaited 4G services.

The stock shot up by 6.26% to settle at Rs 67.90 on BSE. During the day, it jumped 7.51% to Rs 68.70.

At NSE, shares of the company rose by 6% to Rs 67.85.

Also Read: Ambani brothers to bury the hatchet? Here's what Anil Ambani said about spectrum sharing with RJio

The company's market valuation went up by Rs 996.17 crore to Rs 16,900.17 crore.

On the volume front, 33.58 lakh shares of the company changed hands at BSE and over two crore shares were traded at NSE during the day 

Addressing shareholders at the Annual General Meeting, Reliance Communications Chairman also said he was "grateful" to his elder brother for "unstinted support and guidance".

"This strategic cooperation and partnership between RJio and RCom is a virtual consolidation in the telecom sector and I'm grateful to my elder brother Mukesh bhai for unstinted support and guidance," Anil Ambani said.

He added that both the companies are at "an advance stage of discussion" for finalising a nationwide trading and sharing arrangement, which will be followed up with reciprocal arrangements between Reliance Jio and Reliance Communications for letting customers roam on each others' networks.