ALSO READADAG Group stocks : RCom down 15%, Reliance Nippon falls below issue price ADAG stocks fall: RCom, Reliance Nippon Life at fresh lows Shutting down 2G biz and adopting a 4G strategy may not work for RCom Jio may bid for RCom's India assets for Rs 18,000 cr: Report Time running out for Reliance Communications
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.