Reliance groups stocks up after brothers call truce
May 24th, 2010 - 4:34 pm ICT by IANS
Mumbai, May 24 (IANS) The stock markets Monday gave the thumbs up to the truce between the Ambani brothers with traders vying for scrips of the two Reliance groups on hopes that their businesses would grow.
The two Reliance groups led by Mukesh and Anil Ambani announced Sunday that they are ending non-compete agreements, other than gas-based power generation, in a step that would lead to cooperation between the two groups.
From the Reliance Anil Dhirubhai Ambani Group (ADAG) stable, Reliance Natural Resources Ltd (RNRL), soared almost 27 percent. The scrip touched a high of Rs.56.35 in morning trade, up 26.85 percent from its previous close at Rs.44.50. It later settled at Rs.54.20.
Another ADAG company, Reliance Power, saw its scrip rise to an intra-day high of Rs.159.95, up 15.36 percent from its Friday close at Rs.138.65.
It was ruling at Rs.150.65, in afternoon trade.
Telecom major Reliance Communications scrip was up 9.37 percent at Rs.145.90, having risen to 150.75 earlier, while Reliance Infra was up 7.29 percent at Rs.1,060.55 — the stock had climbed to Rs.1,105.70 around 1 p.m.
The financial services arm of the group, Reliance Capital, too witnessed buying interest, with the scrip rising 8.5 percent to Rs.696, before settling at Rs.675 during afternoon trade.
Among the Mukesh Ambani-promoted firms, Reliance Industries rose 3.43 percent at Rs.1,029.90, dropping from a high of Rs.1,049.
Reliance Industrial Infrastructure Ltd. was up 12.55 percent at Rs.792. It touched a high of Rs.832.
The rise in the Reliance packs boosted the 30-scrip Sensex of the Bombay Stock Exchange which touched an intra-day high of 16,757.73 points, up 1.89 percent from its previous close at 16,445.61 points.
- Reliance stocks up after Ambani brothers call truce (Lead) - May 24, 2010
- Reliance-ADAG shares rally - Dec 27, 2011
- Shares of Anil Ambani group firms soar Tuesday - Oct 05, 2010
- Reliance Power soars post merger announcement - Jul 05, 2010
- Shareholders approve Reliance Power-RNRL merger - Sep 06, 2010
- Reliance Communications ties up refinancing for FCCB worth $1.18 bn - Jan 17, 2012
- Anil Ambani group scrips end higher on plan announcements - Sep 28, 2010
- Reliance Group firms' stocks soar - Feb 28, 2012
- RNRL signs new gas pact with RIL; Stocks move up (Lead) - Jun 25, 2010
- Telecom stocks soar after Airtel hikes tariff - Jul 25, 2011
- Sensex rises 157 points; energy, metal stocks rally - Jan 27, 2012
- Sensex slips 100 points; metal, telecom stocks slump - Apr 11, 2012
- RNRL signs gas pact with RIL - Jun 25, 2010
- Sensex pares gains, ends flat (Roundup) - May 24, 2010
- RCom, DB Realty, Unitech shares soar after bail to executives - Nov 23, 2011
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