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Reliance Energy, RNR surge after court hearing

NEW DELHI — Reliance Natural Resources Ltd.(RNR) and Reliance Energy Ltd. rose after the Bombay High Court gave the two billionaire Ambani brothers four months to re-negotiate a natural gas sale agreement.

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By (Bloomberg)

Published: Tue 16 Oct 2007, 8:53 AM

Last updated: Sat 4 Apr 2015, 11:27 PM

Reliance Natural jumped as much as 6.8 per cent to Rs98.65 apiece and traded at Rs96.65 at 12:53 pm local time on the Bombay Stock Exchange and Reliance Energy gained as much as 9.4 per cent to 1,789.9 and traded at 1,771.9. Reliance Industries Ltd., which wants to sell gas at a higher price, climbed 2 per cent to Rs2,620.

Mukesh Ambani’s Reliance Industries wants higher prices for the gas it’s drilling at the Krishna Godavari basin, off India’s east coast, because costs of hiring rigs, buying pipelines and construction materials have surged. The company on Sept. 12 got government approval to sell gas to potential buyers at $4.2 per million British thermal units, close to its asking price.

“The court has asked the brothers to find a solution on their own, which suggests there is still room for negotiations,” said R.K. Gupta, who manages $75 million of stocks at Credit Capital Asset Management in New Delhi.

(Bloomberg)

Published: Tue 16 Oct 2007, 8:53 AM

Last updated: Sat 4 Apr 2015, 11:27 PM

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