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  1. Anil Ambani’s Reliance Group stocks surge in today’s trade

Anil Ambani’s Reliance Group stocks surge in today’s trade

Shares of Anil Ambani-led Reliance Capital, Reliance Defence, Reliance Infrastructure, Reliance Power and Reliance Communications were trading higher in the morning trade on Wednesday.

By: | New Delhi | Published: September 14, 2016 11:39 AM
BSE Sensex, NSE Nifty, reliance capital, anil ambani Shares of Anil Ambani-led Reliance Capital, Reliance Defence, Reliance Infrastructure, Reliance Power and Reliance Communications were trading higher in the morning trade on Wednesday. (Photo: Reuters)

Shares of Anil Ambani-led Reliance Capital, Reliance Defence, Reliance Infrastructure, Reliance Power and Reliance Communications were trading higher in the morning trade on Wednesday. At 11.11 am, Reliance Capital was trading 3.65 per cent up at Rs 552. The scrip opened the day at Rs 552.50 and has touched a high and low of Rs 558.40 and Rs 546.65, respectively, in trade so far. Financial services company Reliance Capital on Tuesday announced to independently list its home finance venture in the stock market with a target to attain a loan book of over Rs 50,000 crore for this business in the next few years.

Reliance Communications was trading 1.61 per cent up at Rs 50.50 at the same time. Shares of the company opened the day at Rs 50.50 and has touched a high and low of Rs 50.90 and Rs 50.05, respectively, in trade so far. Benchmark BSE Sensex was trading 63.65 points down at 28,289.89. According to media reports, the expected $6-billion merger between Reliance Communications and Aircel is likely to be announced this week.

Reliance Defence was trading 4 per cent higher at Rs 58.60 in the morning trade. The scrip kicked off the day at Rs 56 and has touched a high and low of Rs 58.90 and Rs 55.85, respectively, in trade so far. For the quarter ended June 2016, the company’s net loss narrowed to Rs 134.50 crore against net loss of Rs 167.27 crore in the same quarter last year. Gross sales of the company fell 35.15 per cent to Rs 68.93 crore for the quarter under review against Rs 106.29 crore in the same quarter last fiscal. The company announced its first quarter result on September 10.

Reliance Infrastructure shares were trading 1.40 per cent higher at Rs 585.50 in the morning trade. The scrip opened the day at Rs 582 and has touched a high and low of Rs 590.40 and Rs 581.25, respectively, in trade so far. The company on Tuesday reported a 7.21 per cent rise in its consolidated net profit at Rs 438.80 crore for the quarter ended June. The Anil Ambani-led infrastructure firm had posted a net profit of Rs 409.27 crore for the same quarter last year.

Shares of Reliance Power advanced as much as 1.5 per cent in the morning trade after the company on Monday posted 12.5 per cent jump in consolidated net profit at Rs 340.49 crore in the first quarter ended June on higher electricity generation.

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