Reliance shares touch record high as brother settles their differences
Business News, Main News June 20th, 2005
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Tags: Anil Ambani, Mukesh Ambani, Reliance
Reliance shares touch record high as brother settles their differences
The boom is back in the market with Reliance touching record levels for their shares in the stock market. Reliance group of industries is the largest private entity in the Indian Inc and the disagreement between the two brothers running the company had created confusion in the market on where Reliance was heading in the coming years.
The shares of the company today rose as much as 6.3% touching a high of 639 rupees in the market. At the end of the trading, it settled down at 630.4. The news of settlement did not just bring smiles on the faces of the share traders but also brought happiness for the millions of shareholders of the company in India.
The settlement sees the elder brother Mukesh Ambani taking control of the refining, oil, gas exploration, and chemicals companies. Younger brother Anil Ambani on his part would be handling cell phones, power, and financial services. Anil also announced plans for big investments in his share of the industries to ensure that the confidence of the shareholders remains in the company.
The news of this investment also helped shares of Reliance Energy and Reliance Capital improve their position in the share market.
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