Mukesh, ADAG firms soar in early trade on positive statements
A day after the warring brothers came out with positive statements to resolve their disagreements, shares of Mukesh Ambani group firms as well those of ADAG companies were trading in the green.business Updated: Oct 12, 2009 17:35 IST
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 per cent 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 per cent to Rs 1,318.80, Reliance Natural Resources went 5 per cent up to touch Rs 87.15 and Reliance Power gained 1.53 per cent.
On Sunday, 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.