Anil Ambani group stocks jump; RCom up over 5%

Mumbai: Stocks of Anil Ambani group companies rose for the second consecutive session today, with Reliance Communications climbing over five percent even as the overall market remained sluggish.

The broader Sensex slumped over 114 points in afternoon trade to 19,621.42 points after investors were disappointed by RBI's latest monetary policy. Meanwhile, most of the shares of Anil Ambani group firms gained in afternoon trade, with Reliance Communications surging 5.14 percent to Rs 110.45 on the BSE.

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Other group entities including Reliance Infra and Reliance Capital in the range of 1-3 percent. Reuters[/caption]

Other group entities including Reliance Infra and Reliance Capital in the range of 1-3 percent. While Reliance Infra rose more than one percent to Rs 394, Reliance Capital went up 2.3 percent to Rs 372.55. Another firm Reliance Mediaworks rose to Rs 52.65. The rise in Anil Ambani group stocks comes amid reports of increased co-operation with his elder sibling Mukesh Ambani-led Reliance group. Shares of Reliance Power were almost flat at Rs 73.55, while that of Reliance Broadcast Network was marginally down at Rs 30.60.

Most of them had also gained yesterday, with RCom rising over 8 per cent. The Reserve Bank today cut the key interest rate by just 0.25 per cent to 7.25 per cent and kept the liquidity enhancing cash reserve requirement unchanged. The central bank also said that growth-inflation dynamics limits scope for further easing of policy rate.

PTI