ADAG shares rally on bourses after AGM

Anil Dhirubhai Ambani-led Reliance group of companies staged a smart rally on BSE today after bullish plans were unveiled at AGMs of four group companies, including RCom and Reliance Capital.

Shares of Reliance Communications, Reliance Power, Reliance Infrastructure, Reliance Mediaworks, Reliance Capital and Reliance Broadcast Network settled in the positive territory after soaring as much as 5.66% in intra-day trade.

Speaking at the AGM, Ambani said the group's financial services arm Reliance Capital will explore all possible opportunities to enter the banking sector. He also said RCap board would consider issuing bonus shares and a special dividend to shareholders.

Reliance Capital jumped 1.32% to settle at Rs 394.50 on BSE. During the day, the stock had witnessed an intra-time high of Rs 411.40 a piece, up 5.66% from its previous closing price.

On Reliance Power, Ambani said the company is firmly on track to achieve a total operating capacity of 5,000 MW by end of 2012.

Besides, Reliance Power is set to start coal production in India and Indonesia next year and is set to be among the world’s top ten thermal coal producing companies with a production capability of up to 100 million tonnes per annum.

The stock of Reliance Power saw an intra-day high of Rs 82.55, up 3.38% from its previous close. At the end of day's trading the stock was quoted at Rs 81.80, up 2.44% from its last close.

All group companies saw good buying support, with Reliance Broadcast Network jumping by 2.09%, Reliance Infrastructure 1.95% and Reliance MediaWorks 1.70%.

At the end of today's trade, the market value of RCom stood at Rs 16,708 crore, while that of Reliance Capital was Rs 9,690 crore.

Reliance Infra had a market cap of Rs 11,429 crore, while Reliance Power's m-cap was at Rs 22,945 crore, Reliance MediaWorks m-cap was at Rs 456 crore and Reliance Broadcast Network's valuation was at Rs 660 crore.

The bullishness in these stocks was in tandem with the positive broader market trend, with the BSE benchmark Sensex ending 472.93 points rpt points up at 16,524.03.

The Sensex, which had lost 1,050 points in last four trading sessions, bounced back by 472.93 points to 16,524.03, after touching a high of 16,551.65  as investors pinned hopes on renewed efforts by European policy makers to find a way to cut Greece's debt.