RIL gains 4%, RNRL down 5% on BSE1 min read . Updated: 20 Jul 2009, 11:48 AM IST
RIL gains 4%, RNRL down 5% on BSE
Mumbai: Shares of Mukesh Ambani-led Reliance Industries on Friday Monday over 4%, while ADA Group firm Reliance Natural Resources tanked 5.48% in the morning trade on the BSE ahead of the hearing of the case in the Supreme Court relating to family gas supply pact.
Shares of RIL opened firm on the Bombay Stock Exchange and gained 4.48% to reach Rs2,020. Meanwhile, RNRL dropped 5.48% to a low of Rs78.40 within first few minutes of trade.
A similar movement was witnessed on the National Stock Exchange where the scrip of RIL rose 4.49% to Rs2,024, while RNRL dipped to Rs78.75, down 5.06%.
Anil Ambani group firm RNRL and Mukesh Ambani-led RIL have filed cross-petitions in the Supreme Court challenging the Bombay High Court order and the matter will come up for hearing today.
While RNRL wants immediate implementation of the order to get the gas at $2.3 per mmBtu, a price 44% lower than the one fixed by the government, RIL says it cannot supply the industry fuel without the consent of government.
The shares of RIL have gained over 10% last week to settle at Rs1,933 on the BSE on Friday, while RNRL gained 22% to Rs82.65.
RIL scrip is currently trading with a gain of 3.11% at Rs1,993.60, while RNRL was down 1.39% at Rs81.80 on the BSE.