Friday, May 3, 2013

Anil Ambani group stocks jump; Reliance Communication climbs over 5%

May 03, 2013

Stocks of Anil Ambani group companies rose for the second consecutive session today, with Reliance Communications climbing over five per cent even as the overall market remained sluggish.

The broader Sensex slumped over 114 points in afternoon trade to 19,621.42 points after investors were disappointed by RBI\'s latest monetary policy.

Meanwhile, most of the shares of Anil Ambani group firms gained in afternoon trade, with Reliance Communications surging 5.14 per cent to Rs. 110.45 on the Bombay Stock Exchange.

Other group entities including Reliance Infra and Reliance Capital in the range of 1-3 per cent. While Reliance Infra rose more than one per cent to Rs. 394, Reliance Capital went up 2.3 per cent to Rs. 372.55.

The rise in Anil Ambani group stocks comes amid reports of increased co-operation with his elder sibling Mukesh Ambani-led Reliance group.

Shares of Reliance Power were almost flat at Rs. 73.55, while that of Reliance Broadcast Network was marginally down at Rs. 30.60.

The Reserve Bank today cut the key interest rate by just 0.25 per cent to 7.25 per cent and kept the liquidity enhancing cash reserve requirement unchanged. The central bank also said that growth-inflation dynamics limits scope for further easing of policy rate.

News From:

No comments:

eXTReMe Tracker