Shares of companies promoted by Mukesh Ambani and his younger brother Anil Ambani again spurted with many of them hitting 52-week high on speculation that oil, gas and power investments would further consolidate their growth.
Mukesh Ambani-promoted Reliance Industries and its group companies Reliance Petroleum (RPL) and Reliance Industrial Infrastructure (RIIL) recorded a new 52-week high of Rs 2,375, Rs 172 and Rs 1147.40, respectively.
Later, the scrip of the country’s largest private sector firm RIL closed 3.62 per cent high at Rs 2,356.70 while RPL settled 8.03 per cent up at Rs 167.40 and RIIL remained locked at its 10 per cent upper circuit limit of Rs 1,147.40 on BSE.
Anil Ambani-controlled Reliance Energy (REL), Reliance Natural Resources (RNRL), Reliance Communications (RCom), Reliance Capital (RCL) also soared to new all-time high of Rs 1,130.70, Rs 98, Rs 600.70 and Rs 1,594.55 respectively.
The shares of REL closed 8.33 per cent up at Rs 1,093.70 and that of RNRL climbed 21.97 per cent at Rs 93.55. The scrip of RCom advanced 3.26 per cent to Rs 598.25 while that of Rcom rose 2.09 per cent to Rs 1574.05 on BSE.
RIL has discovered oil off the nation’s east coast for the first time. The area, located in the Krishna basin off Andhra Pradesh state, was drilled to a depth of 3,595 metres.
Morgan Stanley has raised Reliance Energy’s price target by 49 per cent to 1,209 rupees, saying the Mumbai-based company’s infrastructure projects and new power plants will boost profit.
The Ambani brothers split the Reliance group in 2005 with Mukesh retaining the oil business and Anil controlling finance, power and telecommunications.