Markets rise 1.5%; Ambanis’ cos rally

Markets rise 1.5%; Ambanis’ cos rally

Mumbai: Indian shares rose 1.5% early on Monday, with Reliance Industries leading the rise after the Ambani brothers made a reconciliation move over the weekend.

Both groups said they aim to reach a conclusion soon for a gas supply agreement between Reliance Industries and Reliance Natural Resources that had been at the heart of their dispute.

At 9:01am, the 30-share BSE index was up 1.5% at 16,685.33 points, with 25 components advancing.

Shares in energy major Reliance Industries, controlled by Mukesh Ambani, rallied more than 5%. Anil Ambani led Reliance Infrastructure and Reliance Communications were up 5.3 and 7.4% respectively.

The 50-share NSE index was up 1.4 % at 5,000.90.