Rcom share price may move upwards

Thebullishtrends: Rcom share price closed yesterday at Rs.585. Reliance Communications Ltd, o one of India's largest telecom operator it would combine its global operations into a separate unit whose shares would be listed shortly. As per the latest reports Reliance Globalcom, the new subsidiary, will comprise the company's global voice and data services, and address a market with an annual revenue potential of about $285 billion. Its units, including FLAG Telecom and Yipes, will be integrated over the next 60-90 days, and the company will have an annualised start-up revenue of $1.32 billion, said Punit Garg, president of Reliance Globalcom. The unit will spend about $2 billion in capital expenditure over the next three years and be spun off shortly. There is a possibility of action in Rcom counter today. One can look into this counter for day term gains.