Showing posts with label ADAG. Show all posts
Showing posts with label ADAG. Show all posts

Thursday, September 25, 2008

Anil files Rs 10,000 cr suit against Mukesh

In another twist to the feud between the Ambani brothers, the younger sibling Anil's Group is understood to have filed a defamation suit for a whopping Rs 10,000 crore against elder Mukesh Ambani for remarks purported to have been made by him in an interview with the New York Times several weeks ago.
Mukesh Ambani-led RIL spokesperson declined to comment on any query related to this development, while the spokesperson for Anil Ambani's Group was inaccessible despite several attempts.
The defamation suit is believed to have been filed in the Bombay High Court about a month ago, but no details of about 200-page petition were not available immediately.
The case is understood to be based on an interview given by Mukesh Ambani to the leading American publication wherein the New York Times quoted him as saying that a network of lobbyists and spies were overseen by his brother before they split.
"What most distinguishes Reliance from its rivals is what Ambanis friends and associates describe as his 'intelligence agency' a network of lobbyists and spies in New Delhi who they say collect data about the vulnerabilities of the powerful, about the minutiae of bureaucrats' schedules, about the activities of their competitors," the New York Times had said.
Mukesh is purported to have said in the interview that all such activities were overseen by his brother before they split, and had since been expunged from his tranche of the company. "We de-mergered all of that," Mukesh was quoted as saying.
Sources close to ADAG said that in the petition it was claimed that the purported remarks were highly defamatory and without a base.
The two brothers have fought a bitter battle over the succession of Reliance empire in 2004 before they reached the settlement in 2005.
The settlement, however, had not brought peace between the two and the Mukesh and Anil camps feud with each other inside and outside the courts on different issues.
The bone of contention between the two brothers invariably had been on the family agreement and the same was manifested in the ongoing battle in the Mumbai High Court on the gas supply deal.
Anil Ambani, on Tuesday, had accused the elder brother Mukesh-led RIL of reneging the gas supply agreement, two days after Mukesh Ambani camp signalled that there would be no out of court settlement.

Friday, July 25, 2008

Anil Ambani becomes richer by Rs 27,000 cr after SP-UPA realignment

NEW DELHI: The new political combination at the Centre seems to be favouring Anil Ambani group companies more than that of his elder brother Mukesh, if one goes by the stock price movements of the two group companies. Since July 7, when it became clear that Amar Singh, who is considered to be close to Anil Ambani, and his Samajwadi Party (SP) would support the government, the market capitalisation of Anil's holdings in six companies increased by 24% to Rs 1,41,415 crore. That means, he became richer by almost Rs 27,000 crore. During the same period, however, the market capitalisation of Mukesh Ambani's holdings in the three companies increased by 7% to Rs 2,25,758 crore, making him richer by only Rs 14,000 crore. From July 4 to July 24, the benchmark sensex increased by 9.8% as the stock market was betting on the government's survival, without support of the Left parties. Since July 17, the bull run was much sharper as there was clearer indication of government sailing through trust vote in Parliament with new coalition, mainly with SP. During this time, share prices of ADAG (Anil Dhrirubhai Ambani Group) companies rose much higher than the rise in Sensex.
Earlier, when the market was in a bearish mode, ADAG suffered one of the worst drubbing. From January 10 to July 4, while sensex fell 35%, market capitalisation of the ADAG companies declined by 57%. Market value of Anil's holdings in the listed companies came down to Rs 1,14,120 crore from Rs 2,64,053 crore. He suffered a loss of almost Rs 1,50,000 crore during this period. During the same time, market value of Mukesh's holdings in the group's listed companies declined by only 29% to Rs 2,11,417 crore from Rs 2,96,723 crore. This means, his market value declined by only Rs 85,000 crore.
A senior fund manager said earlier investors apprehended that Anil's companies will suffer because of his close affiliation with Amar Singh, who was rubbing shoulders with both Uttar Pradesh and the central government. As Anil has large business interest in UP, it was felt that his business interest might suffer. So ADAG stock prices were getting hammered with this negative sentiment. But, after the formation of new combination in the Centre, investors changed their perception and ADAG stocks boomed. At the same time, Amar Singh's demand to slap windfall tax on refineries, which are benefited because of the rise in crude prices, was being seen as a move to penalize RIL. Singh's another demand to make RIL refineries, which are in export promotion zone, to sell their products in the domestic market, also affected Mukesh Ambani companies adversely. A senior fund manager argued that the present political development does not affect the fate of large companies like RIL and RCOM. He said as Mukesh group companies did not fall much when the market was falling, it did not also gain much when the trend was reversed. As ADAG companies fell sharply in the market downturn, it also gained when market moved up. So, it was just a market movement, he added.
Courtesy: Times of India

Friday, July 11, 2008

SINGH IS KING

SINGH IS KING
By-NSE955
Yes Singh is King, not PM Manmohan Singh I am talking of Mr.Amarsingh
Since the Communist Party of India had withdrawn the support from the central government, one person is in the headlines he is Mr.Amarsingh .The brain behind the Samajwadi Party and its chief Mr.Mulayam Singh Yadav.As many people may not know that how close he is with some of the big names in industry and politics of India. He is the Chairman of one company Energy Development Company Ltd, which operates in the Power generation .Mr.Amithabh Bachahan, is also one of the director of this company.
But this is not the only company where Amar Singh is having his influence. Sahara Groups two listed companies are marching ahead on bourses because of this connection.e.g. Sahara Housing Finance Corporation and Sahara One Media & Entertainmant Ltd.
Sahara Housing Finance Corporation was trading at Rs.175 on 1st July and now it is trading at 192 i.e. buying freeze. Sahara One Media & Entertainment Ltd moved from 181 to 232.
And now the ADAG story as you all know since RELIANCE POWER listing every script of ADAG was moving southwards, because of war of two big names of Ambani family. Look from where they came here, ADLABS, RELIANCE ENERGY now RELIANCE INFRA, RNRL, RELIANCE CAPITAL, RELIANCE COMMUNICATIONS, RELIANCE POWER. Suddenly these stocks started moving up on the changed political situation. Now big brother Mukesh Bhai is in some trouble as demand of imposition of windfall tax on oil exporting companies’ is raised by Amar Singh.
So the moral of the story is that just watch who is RISING.
Definitely RELIANCE INDUSTRIES, RPL, and RIIL are not in Punters favourite list as of now.

LIST OF ADAG COMPANIES
RELIANCE COMMUNICATIONS,
RELIANCE ENERGY now RELIANCE INFRA
RELIANCE CAPITAL
RELIANCE POWER
RNRL
ADLABS

MUKESH AMBANI GROUP
RELIANCE INDUSTRIES
RPL
RIIL