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Shares of Anil Ambani-led Reliance group companies surge on Friday, with Reliance Communications Ltd (RCom) climbing as much as 20.5 per cent to its highest since February 4. RCom on Thursday said it requested “urgent approval” from lenders to release about Rs 260 cr ($36.52 mln), got from income tax refunds, directly to Ericsson.
RCom confident that entire sum, plus interest, will be paid to Ericsson well within the 4 weeks allowed by Supreme Court. The apex court on Wednesday found Anil Ambani, chairman of RCom, guilty of contempt of court for wilfully failing to pay Rs 550 cr to Ericsson.
“Reliance Group stocks have been hammered badly recently, so this positive news has given a bounce to the stocks,” said Siddharth Sedani, head of equity advisory at Anand Rathi Financial Services in Mumbai. Sedani, however, cautioned that investors would be wary of issues such as high debt levels that persist at these companies
Reliance Infrastructure Ltd rises as much as 12.1 per cent. Reliance Naval and Engineering Ltd shares up as much as 9.9 per cent while those of Reliance Power Ltd rise as much as 6.2 per cent ($1 = 71.1850 INR)
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