Favourable ruling boosts Anil Ambani firms' stocks, RCom shares climb 7.1%

The two developments boosted the market capitalisation of five large listed Ambani firms by $68 million

Shares of the Anil Ambani group companies rallied on Friday, after courtroom victories for Reliance Naval and Engineering and Reliance Communications. Reliance Naval shares closed 15.7 per cent higher over Thursday; Reliance Communications shares climbed 7.1 per cent before closing 2.3 per cent higher.

The Supreme Court (SC) on Friday refused to order a probe into purchase of French fighter jets from Dassault Aviation. A little later in the day, the government told the SC it would approve Reliance Communications’ airwaves sale in two days, a deal that Ambani’s indebted operator badly needs to stave off bankruptcy.

The two developments