Investors covet Reliance stocks as Ambanis call bhai-bhai

Investors covet Reliance stocks as Ambanis call bhai-bhai


The two Reliance groups led by Mukesh and Anil Ambani announced on Sunday 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 Reliance Anil Dhirubhai Ambani Group (ADAG) stable, Reliance Natural Resources Ltd (RNRL), soared almost 27 per cent. The scrip touched a high of Rs 56.35 in morning trade, up 26.85 per cent 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 per cent 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 per cent higher at Rs 147.90, having risen to 150.75 earlier, while Reliance Infra was up 6.23 per cent 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 per cent gain at Rs 672.10, down from its intra-day high of Rs 696.

Among Mukesh Ambani-promoted firms, Reliance Industries ended 2.58 per cent up at Rs 1,021.45, dropping from a high of Rs 1,049.  Reliance Industrial Infrastructure Ltd  closed 11.35 per cent 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 per cent from its previous close at 16,445.61 points. It, however, tapered off around closing bell to shut shop at 16,469.55 points, 23.94 points or 0.15 per cent up from its previous close at 16,445.61 points.

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