Reliance Groups Stocks Up After Brothers Call Truce, Non-Compete Agreement Between Ambani Brothers Ending, Reliance Groups Stocks Up, Ambani Brothers End Non-Compete Agreement

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SME Times News Bureau | 24 May, 2010
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.