Reliance Group shares rise on twin courtroom victories for Anil Ambani

The SC on Friday refused to order a probe into India's purchase of French warplanes. Later, the Indian government told the court it would approve Reliance Communications' airwaves sale in two days

It’s a good start to the weekend for billionaire Anil Ambani.

The Supreme Court on Friday refused to order a probe into India’s purchase of French warplanes, blunting the opposition Congress party’s allegation that Dassault Aviation SA was forced to pick an Ambani firm as a local partner. Little over an hour later, the Indian government told the court it would approve Reliance Communications Ltd.’s airwaves sale in two days, a deal that Ambani’s indebted operator badly needs to stave off bankruptcy.

The two developments sent shares of Reliance Naval and Engineering Ltd. and Reliance Communications soaring, boosting the market capitalization of