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ADAG shares gain on deal with lenders; RCom up 18%, RInfra rallies 15%

Reliance Communications, Reliance Power, Reliance Infrastructure, Reliance Capital, Reliance Naval and Engineering, Reliance Home Finance and Reliance Nippon Life Asset Management were up more than 5%

SI Reporter  |  Mumbai 

Illustration: Binay Sinha
Illustration: Binay Sinha

Shares of Anil Dhirubhai Ambani Group (ADAG) companies are in focus on Monday and rallied by up to 18 per cent on the BSE in intra-day trade, after the group reached an in-principle understanding with a little more than 90 per cent of its regarding sale of pledged shares.

According to reports, the to have agreed not to sell pledged shares in the group till September. That apart, the group informed the that it had appointed investment bankers to sell up to 30 per cent of the shareholding in (R-Power) to institutional investors to repay the banks.

According to the source, the group has promised to pay the principal and interest to the lenders in line with the scheduled due dates specified in the loan agreements, Business Standard reported. CLCIK HERE TO READ FULL REPORT

Following the report, the stock of companies – (up 18 per cent at Rs 6.47), (15 per cent at Rs 11.70), (12 per cent at Rs 129), (12 per cent at Rs 166), (10 per cent at Rs 9.40), Reliance Home Finance (10 per cent at Rs 26.20) and Reliance Nippon Life Asset Management (8 per cent at Rs 163) – were up more than 5 per cent on the BSE in intra-day trade. In comparison, at 09:26 am; the S&P BSE Sensex was down 0.31 per cent at 35,698 levels.

Thus far in February, most of the companies had underperformed the market by falling by up to 81 per cent till Friday, as against 1.2 per cent decline in the S&P BSE Sensex. The combined market capitalisation of seven listed ADAG companies eroded by 69 per cent, or Rs 49,000 crore, to Rs 22,202 crore on Friday during this period.

Company 31/01/2018 15/02/2019 % fall 18/02/2019* % gain
Rel. Comm. 29.50 5.50 -81.36 6.47 17.64
Reliance Power 45.85 10.20 -77.75 11.70 14.71
Reliance Infra. 497.15 114.90 -76.89 129.00 12.27
Reliance Capital 490.20 148.55 -69.70 166.00 11.75
Reliance Naval 46.00 8.55 -81.41 9.40 9.94
Reliance Home 80.25 23.85 -70.28 26.20 9.85
Reliance Nippon 285.60 151.25 -47.04 163.00 7.77
* Intra-day high price on BSE in Rs

First Published: Mon, February 18 2019. 09:36 IST