Mukesh, ADAG firms soar in early trade

Last Updated: Monday, October 12, 2009 - 12:08

Mumbai: Shares of Mukesh Ambani group firms
as well those of ADAG companies were trading in the green a
day after the warring brothers came out with positive
statements to resolve their disagreements.

On the Bombay Stock Exchange, the country`s largest
private sector firm Reliance Industries surged nearly two per
cent to touch a high of Rs 2,140, while Reliance Industrial
Infrastructure soared 2.48 percent to Rs 1,035.75.

Similarly the ADAG group companies were also trading with
significant gains in morning trade on the BSE. Reliance
Communications soared over two per cent to Rs 254.90, Reliance
Infrastructure jumped over 2 perscent to Rs 1,318.80, Reliance
Natural Resources went 5 percent up to touch Rs 87.15 and
Reliance Power gained 1.53 percent.

Yesterday, Anil Ambani reached out to his estranged elder
brother Mukesh saying all disagreements can be sorted out in a
cordial and conciliatory manner. RIL said it "welcomes this
positive indicator and will not be found wanting in responding
to them constructively."

Marketmen said the latest development comes as a pleasant
surprise for stocks of the group companies of both brothers as
it comes days ahead of the Supreme Court hearing to be held on
October 20.

The group companies of the brothers are involved in a
bitter legal battle over supply of natural gas from Mukesh-led
RIL to Anil`s group company RNRL.
The positive sentiments in the Reliance counter helped
the broader market open with a good start. The 30-share
benchmark Sensex surged 167 points and the wide-based Nifty
jumped 45.40 points in morning trade.

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First Published: Monday, October 12, 2009 - 12:08

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