Company News

BUZZ-India's RCOM jumps on expectations of approval for Aircel, Brookfield deals

** Shares of Reliance Communications Ltd jump as much as 19.3 pct to 24.75 rupees - biggest intraday pct gain since Feb 3

** Shares gain on expectations that the National Company Law Tribunal will admit petitions to complete Aircel, Brookfield deals, raising the likelihood of an approval

** Telecom carrier announced deals last year to merge its wireless business with Aircel and to sell a stake in its mobile masts business to Canada’s Brookfield Infrastructure

** Company posted its third straight quarterly loss on Saturday as its heavy debt load, price war triggered by an upstart rival weighed on sales and profit

** More than 54 mln shares change hands versus 30-day moving avg of 20.2 mln

** Up to Friday’s close, stock has fallen 39 pct this year