Weak market cheers RIL - Hindustan Times
close_game
close_game

Weak market cheers RIL

Hindustan Times | By, Mumbai
May 07, 2010 11:11 PM IST

While Anil Ambani-led Reliance Natural Resources and Reliance Power saw their share prices dip significantly, Mukesh Ambani’s Reliance Industries saw its share price surge even as the Sensex fell on global cues.

Friday’s Supreme Court judgement on the gas dispute favouring Mukesh Ambani resulted in an immediate reaction from the market. While Anil Ambani-led Reliance Natural Resources (RNRL) and Reliance Power saw their share prices dip significantly, Mukesh Ambani’s Reliance Industries (RIL) saw its share price surge even as the Sensex fell on global cues.

HT Image
HT Image

The RNRL share price fell 27 per cent from Thursday’s closing of Rs 68.4 to touch a low of Rs 50 before closing at Rs 52.25 during Friday’s trading.

Hindustan Times - your fastest source for breaking news! Read now.

Similarly, the Reliance Power shares also fell by 12 per cent during the day before closing at Rs 140 — a fall of 9 per cent — at the end of Friday’s trading.

On the contrary, RIL’s stock bucked the markets and was among the few stocks that gained even as the Sensex fell by 1.3 per cent during the day.

RIL was the biggest gainer within the Sensex. While it rose by 4.8 per cent after the judgement, it closed the day at Rs 1,034 with a gain of 2.3 per cent.

“As the court has suggested for a re-negotiation, we will need to see the detailed judgment for details, however we have a buy rating on RIL,” said Motilal Oswal, CMD of Motilal Oswal Securities.

“Market reacted positively indicating RIL will stand to benefit from this decision. Up-trend for the stock may continue for some time,” said Alex Mathews, head of research at Geojit BNP Paribas Financial Services.

Speculators had played around with RNRL shares over the past 10 days leading to gains of around 17 per cent in the last week and then a fall of around 8 per cent on Tuesday.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On