Ambani brothers come together to open father’s memorial.
Shares of Reliance Communications rose nearly 5 per cent in an overall weak market on Tuesday amid speculation of growing closeness between the Ambani brothers, Mukesh and Anil.
A day after their mother Kokilaben said the family stood together, shares of Anil Ambani-led companies jumped in the morning session on Tuesday. However, apart from Reliance Communications, Reliance Broadcast and Reliance MediaWorks, other group stocks could not sustain early gains and ended only marginally higher. Kokilaben’s statement sparked speculation the family reunion at Chorwad, Reliance founder Dhirubhai Ambani’s birthplace in Gujarat, may bring the brothers closer.
Kokilaben had negotiated a settlement between the Ambani brothers when they fought bitterly inside and outside courts two years after Dhirubhai died in 2002. She is believed to have been the key catalyst behind the famous rapprochement between the two when in May last year, they decided to end their non-compete clauses.
Reliance Communications on Tuesday gained 4.97 per cent to Rs 72.90, Reliance Broadcast closed up 3.40 per cent at Rs 51.75 and Reliance MediaWorks advanced 3.23 per cent to Rs 75.05, all on the Bombay Stock Exchange. Reliance Capital and Reliance Infrastructure shares ended marginally higher, while those of Reliance Power ended 2.1 per cent lower at Rs 72.25. Shares of Mukesh Ambani-led Reliance Industries closed one per cent lower at Rs 753.25, compared with a 0.61 per cent Sensex fall.
| UNITED WE AGAIN BSE price in Rs | |||
| Dec 26 | Dec 27 | % chg | |
| Reliance Comm. | 69.45 | 72.90 | 4.97 |
| Rel Broadcast | 50.05 | 51.75 | 3.40 |
| Rel MediaWorks | 72.70 | 75.05 | 3.23 |
| Reliance Ind. Infra. | 309.89 | 315.70 | 1.87 |
| Reliance Capital | 250.85 | 252.25 | 0.56 |
| Reliance Infra. | 367.20 | 369.20 | 0.54 |
| Reliance Ind. | 760.95 | 753.25 | -1.01 |
| Reliance Power | 73.80 | 72.25 | -2.10 |
| Data compiled by BS Research Bureau | |||
“There is no need to read too much into it,” said S P Tulsian, an independent equity analyst who tracks shares of companies led by the brothers. “Except for Reliance Communications, whose towers could be hired by RIL, no benefit is seen for other ADAG firms,” he added. After 1996, the two brothers, with the entire Ambani family, visited Chorwad for the first time on Tuesday to inaugurate the Dhirubhai H Ambani memorial, ‘Dhirubhaino delo’.