Shares of Anil Ambani group firms soar Tuesday

October 5th, 2010 - 11:37 pm ICT by IANS  

Sensex Mumbai, Oct 5 (IANS) The shares of companies in the Reliance-Anil Dhirubhai Ambani Group (ADAG) shot up Tuesday led by Reliance Media Works that closed 37 percent higher on what analysts attributed to brisk buying on expectations of “some good news”.

Reliance Media Works, which opened at Rs.212.75, shot up 40.7 percent to an intra day high of Rs.299.40. It closed the day at Rs.292.95 at the Bombay Stock Exchange (BSE).

“After the deal struck by Reliance Big with the production house of (Hollywood actor-director) Tom Hanks, investors expect another big news ,” said an analyst with a leading brokerage firm here.

The benchmark 30-share sensitive index (Sensex) of the BSE, on the other hand, closed with a 0.33 percent loss at 20,407.71 points.

The flagship company of ADAG, Reliance Communications, was among the top gainers in the day’s trade, having closed at Rs.177.80, up 3.22 percent. It had touched an intra-day high of Rs.179.25.

Another group company, Reliance Power, one of the largest private electricity generators in the country, closed the day with a 4.5 percent gain at Rs.168.50. It had touched an intra-day high of Rs.170.75.

Reliance Power had recently successfully concluded India’s largest fundraising exercise by any company worth Rs.50,000 crore ($11.1 billion) to finance 10,000 MW worth of projects.

The group’s financial services major, Reliance Cap also out-shone peers in the day’s trade. The scrip of the company rose 5.32 percent to touch an intra-day high of Rs.864.90 and closed the day a tad lower at Rs.857.05.

Another scrip from the stable, Reliance Infrastructure, closed the day with a 3.07 percent gain at Rs.1,114.15. It had touched an intra-day high at Rs.1,121.

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