Feb 2, 2007

Rel Comm joins Rs 1 lakh cr mkt-cap club

Anil Ambani group firm Reliance Communications (RelComm) today entered the elite club of companies with Rs 1 lakh crore market value on the back of robust quarterly results, joining the likes of ONGC and RIL
The company has become the seventh company to gross a market capitalisation of Rs 1,00,000 crore with its scrip touching an intra-day high of Rs 494.80.

Rel Comm still remains a notch below its rival Bharti Airtel which has a market cap of Rs 1,42,000 crore.

State-run Oil and Natural Gas Corporation is at the top with a market value of about Rs 1,94,000 crore, followed by Reliance Industries at Rs 1,92,000 crore, IT giant TCS at Rs 1,27,000 crore, Infosys Rs 1,25,000 crore and PSU major NTPC at Rs 1,18,000 crore

The company was listed on the bourses on March 6 last year with a market cap of Rs 37,550 crore, which steadily grew over the past months and had crossed the Rs 90,000 crore mark in December. The company has become the fifth largest private corporate in terms of market capitalisation on the bourses.

The company had early this week reported a 198% jump in net profit at Rs 924 crore for the third quarter ended December, 2006. Revenues for the third quarter jumped 26% at Rs 3,755 crore as a record 4 million wireless subscribers were added during the period.

BUY RCOM -- TARGET -- 540 + ( Short Term Hold )

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