Reliance Communication Ventures Limited (RComVL), the holding company of the various telecom operations of the R-ADAG group, got listed on the exchanges today.
On the NSE, the stock opened at Rs 307 per share before declining to a low of Rs 276.15. The stock is trading at Rs 290 at 10.03 AM with volumes of close to 50 lakh shares.
On the BSE, the stock opened at Rs 290 per share before gaining to a high of Rs 309. The stock is trading at Rs 292.5 at 10.03 AM with a total of more than 30 lakh shares traded so far.
The listing price of the stock is higher than the consensus analyst expectations of between Rs 250 and Rs 260. In the grey market, the stock was reportedly trading at around Rs 265 before listing.
RComVL is the holding company for Reliance Infocomm, Reliance Telecom and Reliance Communication Infrastructure.
Reliance Infocomm, the largest operator in the CDMA segment, had a mobile subscriber base of 13.82 million subscribers as of January 2006 - giving it a market share of 77 per cent in the CDMA segment. The company also had 2.56 million subscribers in the fixed wireless segment.
Reliance Telecom, the GSM operator present in the eastern states of the country, had a mobile subscriber base of 1.73 million subscribers as of January 2006. The company had a market share of 2.8 per cent in the GSM segment.
The company's net profits for the quarter ended 31 December 2005 were at Rs 310 crore. For the quarter ended June 2005 it had incurred a loss of Rs 250 crore which came down to a loss of Rs 18 crore for the September 2005 quarter. Total revenues for the December quarter were at Rs 3,327 crore.
Accumulated losses of RComVL as of 31 December 2005 were at Rs 4, 890.85 crore.