More than two-thirds of the stocks listed in the Indian stock markets rose on Monday, but that did not include Reliance Natural Resources Ltd. The company?which lost a bruising court battle last week to Reliance Industries Ltd ? lost another 5%, and analysts said more could follow.

While markets discounted the impact of the loss from other companies in the Anil Dhirubhai Ambani Group, all of them have postponed declaration of their annual results. This includes Reliance Infra, which was the best performer among the 30 Sensex stocks. It rose 8.49% on the BSE, with RIL, the flagship company of Mukesh Ambani group coming in far behind at 4.48%. Reliance Power and Reliance Communications — again from the ADAG stable — rose too. On Friday, the RNRL stock lost nearly 23% after the Supreme Court ruled in favour of RIL, to sell natural gas at $4.2 per unit, the price set by the government.

The stock was also weighed down by apprehensions that apart from the higher price, the eventual tenure of the lease for gas could be lower than the 17 years it had negotiated for.

Kotak Institutional Equities pointed out that with the current production capacity, RIL?s gas field may not have much spare to give RNRL, ?unless the government reduces supply to extant customers whenever ADAG roup?s power companies are in a position to use the gas?.

Among other ADAG stocks, brokerages were most confident about the prospects for Reliance Infra. In a research note, Morgan Stanley said that despite the judgement, it ?removes a big overhang from the stock.? The brokerage, however, lowered the target price for the stock to Rs 1,280 from Rs 1,360.

For Reliance Power, ICICI Securities has reduced the fair value of the stock to Rs 124 per share from Rs 140 per share saying it was no longer valuing the company?s gas-based power projects at Dadri and Shahpura. According to the brokerage, these projects are not backed by power purchase agreements, which mean the costs will be higher.

The winner from Friday?s battle, RIL gained 4.48 % capping a 2.27% rise on Friday. A Citigroup report said: ?The court has upheld the government?s stance that it is indeed the owner of all gas till it reaches the consumer and therefore, has the right to decide on both its pricing and allocation. This effectively might mean that $4.2 price for the 28 mmscmd of KG gas to RNRL is a given.?