Reliance ADA group shares edge lower

Shares of four Reliance Anil Dhirubhai Ambani group fell 0.2% to 1.42% at 11:51 IST on BSE after these group firms issued clarification with regard to recent media reports of pilferage of secret documents relating to oil ministry.

Reliance Communications (down 1.25%), Reliance Infrastructure (down 1.23%), Reliance Capital (down 0.2%) and Reliance Power (down 1.42%) edged lower.

Meanwhile, the S&P BSE Sensex was up 62.09 points or 0.21% at 29,293.50.

In view of misleading reports in a section of the media, Reliance group today, 23 February 2015 clarified that no search or raid has been conducted by police authorities at any office of the Reliance Group anywhere in India. The work station of only one specific Reliance Power employee was searched, and no incriminating material of any kind was found, Reliance Group said in a press release. The company is not aware of the circumstances leading to the arrest of that employee, and Reliance Power is fully cooperating with the authorities. The group is committed to propriety in all business dealings, and do not support unlawful activities of any nature, the press release said.

Shares of Reliance Industries were off 0.66% at Rs 867.45.

Shares of Essar group companies viz Essar Oil (down 3.57%) edged lower. Essar Shipping (up 0.23%) edged higher. Shares of Essar Ports were unchanged at Rs 112.

Shares of Vedanta group companies viz. Cairn India (down 1.6%) edged lower. Meanwhile, with respect to media reports titled Crude Jolt: Cairn India Cuts 250 Jobs, Cairn India during market hours today, 23 February 2015, said that the company continues to focus on key projects to deliver on commitments while simultaneously working on resource optimization to drive efficiencies for value generation. As necessary, the company aligns working to enable a sustainable competitive business and deliver on business goals. This at times may include some realignment of the resources including human capital but at the same time ensuring that there is no impact on the performance or operations of the company, Cairn India said.

Shares of Sesa Sterlite were up 1.91% at Rs 221.55 after the company's subsidiary Bharat Aluminium Company (Balco) won the Gare Palma IV/1 coal block in Chhattisgarh for Rs 1,585 per tonne, according to the results of e-Auction for Schedule II coal mines announced by the Ministry of Coal on Saturday, 21 February 2015. The coal ministry has started auctioning coal blocks after the Supreme Court in September last year cancelled the allocation of more than 200 coal mines allotted between 1993 and 2010 after ruling that they were arbitrary and illegal.

Shares of Jubilant group companies viz. Jubilant Life Sciences (down 2.31%) and Jubilant FoodWorks (down 1.98%) edged lower.

As per media reports, five senior executives from top energy firms viz. Reliance Industries, Essar, Cairn India, Jubilant Energy, and Reliance ADAG and two consultants were among seven more people arrested on Friday, 20 February 2015, in the sensational corporate espionage scandal in which classified documents including an input for upcoming Finance Minister's budget speech were allegedly leaked. The alleged pilfering of secret documents, which was thought to have been a racket confined to the Petroleum ministry, actually covered matters in finance, coal and power ministries, reports suggested.

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