IndiaCatalog.com
India News
Search Web Directory
News Home
Insolvency call hits R-Com
Posted on 17th May 2018
New Delhi: Shares of Reliance Communications (R-Com) plunged nearly 16 per cent a day after the NCLT admitted an insolvency petition filed by Ericsson against the company and two of its subsidiaries.

The stock fell sharply by 15.26 per cent to end at Rs 10.55 on the BSE. Intra-day, it dropped 20 per cent to Rs 9.95.

On the NSE, the shares of the company slumped 15.72 per cent to at Rs 10.45.

The company's market valuation declined Rs 525.36 crore to Rs 2,917.64 crore.

In terms of equity volume, 231.68 lakh shares of the company were traded on the BSE and over 20 crore shares changed hands on the NSE.

The National Company Law Tribunal (NCLT) on Tuesday admitted an insolvency petition filed by Swedish communication equipment major Ericsson against Anil Ambani-run R-Com and two of its subsidiaries, seeking to recover Rs 1,150 crore.

Ericsson had signed a seven-year deal in 2014 to operate and manage R-Com's nationwide telecom network but has not been paid the bill.

The tribunal admitted the petition yesterday which could potentially result in delaying RCom's plans to sell assets to lighten its debt load. In a statement, the company said, "RCom and two of its subsidiaries - Reliance Telecom and Reliance Infratel - await detailed order from NCLT, allowing the Ericsson application for admitting the companies to debt resolution under the IBC."

Weakness was also seen in other group stocks, with Reliance Naval and Engineering falling by 6.96 per cent, Reliance Nippon Life Asset Management 2.46 per cent, Reliance Power 0.45 per cent and Reliance Infrastructure 0.45 per cent on BSE.

Related Companies: Reliance Communications (RCOM)   

Other Latest News
We do not share user data with third-parties or government, says Paytm
Posted on 26th May 2018
Digital payments company Paytm today said it does not share data of its users with any third-party or government. “We never share your (user) data with anyone: any company/ any government or any country. At Paytm, your data is yours. Not ours, or of a third party, or of the government,” Paytm said in a blogpsot today. It added that its policy allows only legally-compliant data requests from the law of the land to get access to data for necessary investigations.

After Facebook, Microsoft is building tool to spot bias in AI algorithms
Posted on 26th May 2018
After Facebook announced its own tool to detect bias in an algorithm earlier this month, a new report suggests that Microsoft is also building a tool to automate the identification of bias in a range of different Artificial Intelligence (AI) algorithms.

The Microsoft tool has the potential to help businesses make use of AI without inadvertently discriminating against certain groups of people, MIT Technology Review reported on Friday.


Google, Facebook face over $9 bn in fines under new EU data protection law
Posted on 26th May 2018
Withing hours of the European Union's (EU) General Data Protection Regulation (GDPR) taking effect on Friday, technology giants Google and Facebook have been hit with privacy complaints that could carry fines of up to $9.3 billion in total, a media report said.

With regard to privacy, Google, Facebook and Facebook-owned WhatsApp and Instagram are forcing people to adopt a "take it or leave it" approach which essentially amounts to demanding that users submit to intrusive terms of service, according to the the Austrian privacy-advocacy group Noyb.eu, CNET reported on Friday.


TCS hits a milestone
Posted on 26th May 2018
Mumbai: Shares of Tata Consultancy Services on Friday attained a milestone when its market valuation briefly crossed the Rs 7-lakh crore mark. The country's largest IT services company becomes the first listed firm to achieve this level.

During intra-day trades, the market valuation of TCS rose to Rs 7,03,309 crore. This came after its share hit a new 52-week high of Rs 3,674.


BSE IT index emerges best performer in CY18
Posted on 26th May 2018
With S&P Bombay Stock Exchange (BSE) Sensex returning merely 2.55% returns since the beginning of the year in addition to weaker performance of other indices, S&P BSE Information Technology (IT) index has emerged as the best performing index. Analysts say stronger dollar, increased digital spending, strong results and reduced external factors around immigration have resulted in the rally of IT stocks.

» Post a FREE Classified Advertisement
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.
Jobs in India India Real Estate Automobiles Matrimonials Beauty & Fitness

Add a comment for Insolvency call hits R-Com
Please only use this form to enter comments on the above company. All comments are reviewed before they are displayed on the web site. Not all comments may be displayed. Check back with us to see if your comments have been displayed.
If you want us to email the comments posted by users, please Subscribe by email
Name*
Comments*
Security Code*
 

Be the first person to write a business review for Insolvency call hits R-Com

Most Read News

Good news flyers! No cancellation fee if tickets cancelled within 24 hours

Ashok Leyland Q4 profit rises 40%

Infosys puts a break on fresher hiring, relying more on experienced hands

Tata Motors pulls the plug on ageing Indica, Indigo models

L&T Hydrocarbon Engineering bags orders for setting up two fertilizer plants in Bihar, Jharkhand

More India News

  India Web Directory
Business Profiles
Automotive Directory
IT/ITES/BPO Directory
Hotel Directory
Health Directory
Business Directory
Gems & Jewellery
Education Directory
Real Estate Directory
Agriculture Directory
Logistics Directory
Yellow Pages
NRI Guide
Photo Galleries
Global Web Directory
*** FREE India Classifieds
Order Premium Listings
Submit a Site
Business Reviews
Home
About us
Link to us
Advertise
Contact us
Google Search Keywords: India Catalog, IndiaCatalog, India Web Directory
    © 1999 - 2018 IndiaCatalog.com
    All Rights Reserved
Privacy Statement