Thaindian News

Mumbai, May 24 (IANS) The stock markets Monday gave the thumbs up to the truce between the Ambani brothers as investors vied for scrips with the Reliance tag hoping 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 ended a tad lower at Rs.54.55.

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. At closing bell, the scrip was at Rs.149.55.

Telecom major Reliance Communications scrip shut shop 10.87 percent higher at Rs.147.90, having risen to 150.75 earlier, while Reliance Infra was up 6.23 percent at Rs.1,050.05 — the stock had climbed to Rs.1,105.70 at one point during the day.

The financial services arm of the group, Reliance Capital, too witnessed buying interest, with the scrip ending with a 4.8 percent gain at Rs.672.10, down from its intra-day high of Rs.696.

Among the Mukesh Ambani-promoted firms, Reliance Industries ended 2.58 percent up at Rs.1,021.45, dropping from a high of Rs.1,049.

Reliance Industrial Infrastructure Ltd. closed 11.35 percent higher at Rs.783.5. 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.