Shares in Indian mobile operator Reliance Communications rose more than 3 percent in early trade on Thursday, after Citigroup upgraded the stock to "buy" from "sell", saying a "good" asset was available at a discount.
The brokerage estimated the company's replacement cost at 120 rupees per share. "The stock is currently trading below this making it an attractive acquisition candidate, in our view," Citigroup said in a note.
At 9:24 a.m. (0354 GMT), Reliance Communications shares were up 2.6 percent while the main stock index was down 0.2 percent. The stock rose as much as 3.1 percent earlie
The brokerage estimated the company's replacement cost at 120 rupees per share. "The stock is currently trading below this making it an attractive acquisition candidate, in our view," Citigroup said in a note.
At 9:24 a.m. (0354 GMT), Reliance Communications shares were up 2.6 percent while the main stock index was down 0.2 percent. The stock rose as much as 3.1 percent earlie
No comments:
Post a Comment