ADAG Group stocks extend gain; RCom soars 64% in one week

Shares of Anil Ambani led Reliance Group companies rallied by up to 19% on the BSE on the back of heavy volumes in an otherwise subdued market.

Reliance Communications (RCom), Reliance Infrastructure, Reliance Power, Reliance Capital, Reliance Home Finance, Reliance Nippon Life Asset Management and Reliance Naval and Engineering were up 1% to 19% on the BSE on Tuesday. On comparison, the S&P BSE Sensex was down 0.2% at 33,933 points at 12:59 PM.

RCom, the largest gainer among ADAG pack, has rallied 19% to Rs 19.45 on the BSE in intra-day trade on back of heavy volumes, gaining 64% in past one week. Currently, the stock was up 14% at Rs 18.56, with a combined 167 million shares changed hands on the BSE and NSE so far.

According to media reports, Mukesh Ambani’s Reliance Jio Infocomm has emerged the front-runner to acquire the assets of debt-ridden RCom.

The BSE said the exchange has sought clarification from Reliance Communications Ltd on December 20, 2017 with reference to news flashed on www.thehindubusinessline.com dated December 20, 2017 quoting "Mukesh's Jio leads to buy Anil's Rcom's assets".

The reply is awaited.

Reliance Infrastructure (RInfra) was up 2% at Rs 539, extending its 19% surge in past four trading sessions. On December 21, 2017, RInfra announced the sale of its Mumbai power business to Adani Transmission for Rs 13,251 crore.

“RInfra will utilise the proceeds of this transaction entirely to reduce its debt, becoming debt-free, and up to Rs 3,000 crore cash surplus,” the company statement added.

COMPANY LATEST 1-WEEK BEFORE GAIN(%)
REL. COMM. 18.47 12.77 44.6
RELIANCE NAV.ENG 44.80 35.60 25.8
RELIANCE INFRA. 541.00 443.05 22.1
RELIANCE CAPITAL 507.75 424.40 19.6
RELIANCE POWER 42.65 37.00 15.3
RELIANCE NIP.LIF 286.00 270.40 5.8


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