RIL, ADAG group stocks soar

The stocks of Mukesh Ambani-led RIL and most counters in Anil Dhirubhai Ambani (ADAG) fold are on a roll on the bourses today, after both the companies decided to cancel the non-compete agreements for all business areas, except gas-based power generation.
 
Reliance Natural Resources is the biggest gainer, appreciating 24% to Rs 55 on the National Stock Exchange (NSE) in early deals. Reliance Power (up 14%), Reliance Capital (up 8%) and Reliance Communications (up 5%) are the other stocks from ADAG pack that are trading higher over 5% each.
 
Reliance Industries, a Mukesh Ambani promoted company, is trading higher by 4% at Rs 1,033, while Reliance Industrial Infrastructural is trading up by 11% at Rs 780.
 
“The cancellation of the existing non-compete Agreement as above will provide enhanced operational and financial flexibility to both groups, and greater ability to participate in high growth sectors of the Indian economy, such as oil and gas, petrochemicals, telecommunications, power, and financial services. However, RIL has agreed not to enter into Gas Based Power Generation Business for the period upto March 31, 2022. An appropriate exception has been made in respect of RIL’s captive gas based power plants” the company said in its press release to the stock exchanges.