Comments
Reliance Anil Dhirubhai Ambani group companies soared 4-7 per cent on Friday after Reliance Infrastructure’s cement deal with Birla Corporation. Dealers said a combination of bounce back in broader markets following positive market sentiments, encouraging news on cement and short-covering are the main reasons for steep rise in the group stocks.
Reliance Infrastructure was the biggest gainer at ₹437.9, up 7 per cent; Reliance Communications jumped 4.8 per cent at ₹57.65; Reliance Power gained 4 per cent at ₹46.95; and Reliance Capital moved up 6.2 per cent at Rs 351.85 on the NSE.
Whether the rally made on Friday will continue is difficult to predict as any sustained up move will need strong buy positions next week.
ADAG stocks were immensely battered in the recent market mayhem and their combined market capitalisation is down 25 per cent till date this year at ₹47,906 crore (including Friday’s up move).
On the other hand, Mukesh Ambani-led Reliance Industries has outperformed younger brother for past many years.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.