ADAG stocks zoom on CBI's fresh take on 2G scam

Shares of the Anil Dhirubhai Ambani (ADA) group companies zoomed on Monday, hours after the Central Bureau of Investigation (CBI) said the agency was not sure if there was direct involvement of any of the employees in the 2G scam. Last Friday, the company stocks were among the most beaten counters.

In its fresh take on the 2G spectrum allocation case, CBI counsel

U U Lalit, while presenting his rebuttal, agreed with some of the arguments made by the defence lawyers.

ADAG stocks not only closed firm at the end of the trading session but also outperformed the benchmark indices. Reliance Communications wrapped up trading at Rs 76.65 or 6.09 per cent up, while shares of Reliance Power galloped 7.19 per cent to close at Rs 83.50 on the Bombay Stock Exchange (BSE). Reliance Infrastructure and Reliance Mediaworks were up 4.61 per cent and 4.92 per cent, respectively.

The BSE benchmark index, Sensex, saw a pullback rally and closed 3.58 per cent higher or 567.5 points to reclaim the 16,000 mark and ended the day at 16,416.33.

Meanwhile, stocks of non-banking financial companies (NBFCs) were another set of outperformers on Monday following the Reserve Bank of India (RBI) releasing its draft guidelines for licensing of new banks in the private sector. According to the central bank, existing NBFCs, if considered eligible, may be permitted to either promote a new bank or convert themselves into banks.

L&T Finance Holdings, an underperformer since its debut on the stock markets, climbed 10.29 per cent on Monday to close at Rs 50.9 a share. Bajaj Finserv rallied 14.42 per cent to close at Rs 571.85, while ADA group’s Reliance Capital was up 9.72 per cent to Rs 377.65 a share. Stocks of IDFC, Shriram Transport Finance and LIC Housing were up 5.72 per cent, 4.27 per cent and three per cent, respectively.