Telecom operator Reliance Communications Ltd rises as much as 3.2 pct to 16.35 rupees.
Rcom has signed an agreement with Veecon Media & Television to sell its Direct-to-Home business in order to reduce debt.
Veecon will buy 100 percent equity stake in Reliance Big TV Ltd; about 500 employees of the DTH unit will be retained.
Transaction value of the deal has not been disclosed.
"Believe a complete exit by Big TV would still have been ideal for the incumbents, as it would likely have led to further industry consolidation and, hence, to a boost (albeit minor) to their bargaining power," Macquarie analysts wrote in a note.
Stock has lost 53.5 pct this year as of Monday's close.
