Mukesh Ambani led firms lose Rs 32,574 cr after Court verdict
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B. Karthick
Jun 16, 2009, 12:10:54 AM6/16/09
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Mukesh Ambani led firms lose Rs 32,574 cr after Court verdict
MUMBAI: Mukesh Ambani-led group companies lost a whopping Rs 32,574
crore in market capitalisation today, while Anil Ambani group firm
RNRL gained
Rs 3,438 crore after the Bombay High Court asked RIL to supply gas to
the ADAG firm at USD 2.34 per mmBtu.
The Mukesh Ambani pack which includes country's largest private sector
firm Reliance Industries Ltd, Reliance Petroleum and infrastructure
firm Reliance Industrial Infrastructure Ltd (RIIL) lost more than Rs
32,574.67 crore after stocks of all the three companies settled with
loss of as much as 7 per cent.
Reliance Industries's market capitalisation at the end of today's
trading session stood at Rs 3.44 lakh crore, a loss of over Rs
27,753.94 crore from its Friday's market capitalisation. On June 12,
RIL's market capitalisation stood at Rs 3.71 lakh crore.
"After the court ruling the Mukesh Ambani-led group companies got
hammered as the verdict was a major victory for the ADAG group firms,"
Ashika Stock Brokers Research Head Paras Bothra said.
In what is seen as a major victory for Anil Ambani, engaged in one of
the most fiercely fought corporate battles, the Bombay High Court
today asked elder brother Mukesh's RIL to supply gas from the KG basin
at USD 2.34 mmBtu to the former's group firm.
Reliance Natural Resources Ltd (RNRL) today led the pack of gainers
among the ADAG group companies, with a surge of over 24 per cent or a
Rs 3,438 crore gain in its market cap.
In just a single trading session the market capitalisation of RNRL
swelled to Rs 17,694.96 crore today from Rs 14257.22 crore on Friday
last.
The other major gainers in the ADAG pack include Reliance Power which
saw a gain of Rs 1,990 crore in its m-cap while, Reliance
Infrastructure's m-cap surged by Rs 364.54 crore.
However, three other ADAG group firms-- Reliance Capital, Reliance
Communications and Adlabs settled for in negative territory today and
collectively lost Rs 3,365 crore.
"The positive momentum after the court ruling brought back
encouragement to the ADAG pack. But if Reliance Industries goes to the
Supreme Court it will start another long drawn battle. Keeping this in
mind, the today's bull run in the ADAG pack looks short term," SMC
Capital Equity Head Jagannadham Thunuguntla said.
Among the Mukesh Ambani group Reliance Petroleum lost Rs 4,725 crore
and RIIL lost Rs 95.73 crore.
Asking the Reliance Industries to enter into a fresh "suitable
agreement" within a month, a division bench of Justices J N Patel and
K K Tated said that the new agreement should be as per the Memorandum
of Understanding (MoU) between the Ambani brothers Mukesh and Anil.
B.Karthick
Research Analyst.
MUMBAI: Mukesh Ambani-led group companies lost a whopping Rs 32,574
crore in market capitalisation today, while Anil Ambani group firm
RNRL gained
Rs 3,438 crore after the Bombay High Court asked RIL to supply gas to
the ADAG firm at USD 2.34 per mmBtu.
The Mukesh Ambani pack which includes country's largest private sector
firm Reliance Industries Ltd, Reliance Petroleum and infrastructure
firm Reliance Industrial Infrastructure Ltd (RIIL) lost more than Rs
32,574.67 crore after stocks of all the three companies settled with
loss of as much as 7 per cent.
Reliance Industries's market capitalisation at the end of today's
trading session stood at Rs 3.44 lakh crore, a loss of over Rs
27,753.94 crore from its Friday's market capitalisation. On June 12,
RIL's market capitalisation stood at Rs 3.71 lakh crore.
"After the court ruling the Mukesh Ambani-led group companies got
hammered as the verdict was a major victory for the ADAG group firms,"
Ashika Stock Brokers Research Head Paras Bothra said.
In what is seen as a major victory for Anil Ambani, engaged in one of
the most fiercely fought corporate battles, the Bombay High Court
today asked elder brother Mukesh's RIL to supply gas from the KG basin
at USD 2.34 mmBtu to the former's group firm.
Reliance Natural Resources Ltd (RNRL) today led the pack of gainers
among the ADAG group companies, with a surge of over 24 per cent or a
Rs 3,438 crore gain in its market cap.
In just a single trading session the market capitalisation of RNRL
swelled to Rs 17,694.96 crore today from Rs 14257.22 crore on Friday
last.
The other major gainers in the ADAG pack include Reliance Power which
saw a gain of Rs 1,990 crore in its m-cap while, Reliance
Infrastructure's m-cap surged by Rs 364.54 crore.
However, three other ADAG group firms-- Reliance Capital, Reliance
Communications and Adlabs settled for in negative territory today and
collectively lost Rs 3,365 crore.
"The positive momentum after the court ruling brought back
encouragement to the ADAG pack. But if Reliance Industries goes to the
Supreme Court it will start another long drawn battle. Keeping this in
mind, the today's bull run in the ADAG pack looks short term," SMC
Capital Equity Head Jagannadham Thunuguntla said.
Among the Mukesh Ambani group Reliance Petroleum lost Rs 4,725 crore
and RIIL lost Rs 95.73 crore.
Asking the Reliance Industries to enter into a fresh "suitable
agreement" within a month, a division bench of Justices J N Patel and
K K Tated said that the new agreement should be as per the Memorandum
of Understanding (MoU) between the Ambani brothers Mukesh and Anil.
B.Karthick
Research Analyst.
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