Anil stocks scale highs

Anil Ambani-controlled companies Reliance Communication Ventures Ltd (RCoVL) and Reliance Natural Resources Limited (RNRL) were stars on the bourses on Monday.

A day after the company announced consolidation, which would take the promoter's stake in RCVL to 63 per cent, the stock gained nearly 6 per cent. The stock opened at Rs 314.90 on the BSE and on the National Stock Exchange it opened at Rs 328 "� also the day's high at the NSE.

Around 20 million shares were traded on the two bourses. RNRL was up around 10 per cent to Rs 34.30 (BSE) on expectations of better news ahead. About 7.2 million shares changed hands during the day.

The Anil Ambani-controlled Reliance Anil Dhirubhai Ambani Group (R-ADAG) on Sunday announced a restructuring of its telecom empire on Sunday.

The scheme proposed that Reliance Communication Ventures would merge Reliance Infocomm with itself. It will have three wholly owned subsidiaries: Reliance Telecom (RTL), Reliance Communications Infrastructure (RCIL) and Flag Telecom.

Following the restructuring the promoters stake will increase to 63 per cent from about 40 per cent at present in RCoVL.

Mitesh Shah, asst vice president (PCG sales), Brics said, "The restructuring augurs well for the stock, as a clear holding structure usually commands better valuation on the bourses, compared to a cross-holding structure." He added that the other Reliance stocks went up due to positive sentiment in the market.

Pankaj Karde, dealer, India Infoline said, "Cross holdings had obscured the valuation of the company. Due to the restructuring, a clearer valuation can be done and shareholders would have better access to R-ADAG's telecom business." He also added that the momentum was strong and the counter could see further upswing.