Anil Ambani group firms' stocks rise after exit poll results, Reliance Power up 12%

Shares of Anil Ambani-led Reliance ADAG Group companies were in upbeat mood on Monday, barring Reliance Communication which has recently filed for bankruptcy, after exit poll results predicted that the BJP would win the Lok Sabha elections 2019 with a thumping majority.

While the Indian benchmarks, Sensex and Nifty, rose nearly 3 per cent in early deals on Monday, the Reliance Group shares gained between 4-12 per cent, led by Reliance Power which rallied 11.72 per cent in intra-day trade on the Bombay Stock Exchange. While Reliance Nippon Life Asset Management share price surged 9.96% to Rs 210, Reliance Capital jumped 9.26% to Rs 125.60.

Bucking the trend, shares of Reliance Communication declined as much as 3.94 per cent to touch an intra-day low of Rs 1.95 apiece on the BSE. The shares were currently trading at Rs 2.00, down 1.48 per cent.

Reliance Capital witnessed a 9.26 per cent growth in intra-day trade on the BSE after the company said that it has repaid Rs 650 crore of non-convertible debenture that were due on Friday. The development came at a time when some of Anil Ambani's owned companies are facing liquidity crisis.

Also Read: Reliance Capital repays Rs 650 crore NCDs

In a separate development, Reliance Capital has invited its partner, Nippon Life Insurance Co. Ltd, to make an offer to acquire up to 42.88 per cent stake held by it in Reliance Nippon Life Asset Management Ltd (RNAM). Nippon Life Insurance Co. Ltd. currently owns 42.88 per cent stake in Reliance Nippon Life Asset Management (RNAM). Reacting to the news, share price of RNAM rallied as much as 9.96 per cent to Rs 210 apiece on the BSE. Paring most of its early gains, stocks were currently trading at Rs 204.40, up 1.34 per cent.

Meanwhile, the BSE Sensex was trading at 39,046.87, up by 1,116.1 points or by 2.94 per cent, and the NSE Nifty was up 325.6 points or by 2.85 per cent at 11,732.75. During the day's trade so far, the BSE Sensex touched intraday high of 39,064.23 and intraday low of 38,570.04. The NSE Nifty touched intraday high and low of 11,743.35 and 11,591.70, respectively.

Edited by Chitranjan Kumar

Also Read: Adani Group stocks rally as exit polls predict a strong comeback for Narendra Modi government