Reliance Communications shares rallied as much as 7.24 per cent intraday on the National Stock Exchange on Wednesday after a foreign institutional investor (FII) bought nearly 1 per cent stake in Anil Ambani Group telecom company for about Rs 87 crore through open market. At 12.51 pm, shares of Reliance Communications (RCom) on NSE were trading 6.28 per cent up at Rs 49.90. The scrip opened at Rs 47.70 and has touched a high and low of Rs 50.35 and Rs 47.30, respectively, in trade so far. On BSE, the scrip was trading 5.95 per cent up at Rs 49.85. The scrip opened the day at Rs 47.80 and has touched a high and low of Rs 50.35 and Rs 47.40, respectively, in trade. Later, the scrip closed 4.68 per cent up at Rs 49.25. On May 31, 2016, Integrated Core Strategies (Asia) Pte. purchased 18.48 million equity shares representing 0.74 per cent of total equity of RCom at Rs 46.96 per share via bulk deal. RCom on Monday reported a 22.36 per cent drop in consolidated net profit to Rs 177 crore for the quarter ended March 31 on account of rise in expenses. The company had reported a net profit of Rs 228 crore in the corresponding period last fiscal. Reliance Communications is engaged in providing information and communications services. It provides telecom services for mobile and fixed line telephony. It offers code division multiple access (CDMA), global system for mobile (GSM), and 3G wireless services, wireline, voice, data, video, internet services.