New Delhi/Mumbai: On Friday, after the Supreme Court ruled in favour of Mukesh Ambani’s Reliance Industries Ltd (RIL) in its case with Reliance Natural Resources Ltd (RNRL), the latter’s chairman Anil Ambani smiled and shook hands warmly (it was almost a hug) with RIL’s lawyer Harish Salve.

Still, almost everyone else saw the judgement as a victory for RIL. “We believe this verdict implies a potential upside of 25 a share for RIL. Given that there is clarity on gas volume usage and allocation, we believe RIL is now in a better position to optimize gas output, manage its reservoir and reduce...costs," wrote Nilesh Banerjee and Nishant Baranwal of Goldman Sachs in a note released after the judgement.

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