Reliance Communications inched up in afternoon trade at stock market

Reliance Communications Ltd., a mobile services provider, inched up in afternoon trade on Monday after the company's reported a modest rise in quarterly earnings.

RCOM, as it is popularly known as, said first quarter net profit rose 34 percent to 176.6 crore rupees compared with 131.6 crore rupees a year ago. Sales during April-June rose marginally to 5,541 crore rupees versus 5,521 crore rupees.

As a consequence, RCOM rose 0.4 rupees, or 0.6 percent, to 61.25 rupees on the National Stock Exchange where 56 lakh shares were traded versus the 5-day average of 1.02 crore rupees.

RCOM's market capitalisation has fallen 50 percent to 15,280 crore rupees over the past one year as investors preferred larger rival Bharti Airtel Ltd. The stock trades at 0.4 times its book value of 152 rupees.

(Image credits: Indiatimes)