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Shares in Ambani-owned firms rally

May 24, 2010

INDIA-STOCKS/CLOSEShares in companies controlled by the billionaire Ambani brothers were among the big gainers on Monday after the two moved towards resolving a long-running strife.

The BSE Sensex ended 0.15 pct higher led by Reliance Industries which gained 2.5 percent at 1021 rupees.

Shares in Anil Ambani controlled firms like Reliance Communications and Reliance Infrastructure closed up 10.8 percent and 6 percent respectively.

The Ambanis took a step towards reconciliation in their long-running feud on Sunday, ending non-compete agreements in a move they hoped would lead to cooperation between the two groups.

The BSE Oil & Gas Index ended 1.6 percent higher. Reliance Natural closed with gains of over 22.5 percent at 54.55 rupees with volumes of over 24 million shares.

Do you think the reconciliation move by the Ambani brothers will continue to bode well for their companies’ shares?

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