Reliance Group rise on Weekend after SC verdict on Rafale Deal

Shares of Anil Dhirubhai Ambani Group companies ended higher in the week ended Friday after the Supreme Court (SC) ruled out an investigation into the deal for 36 Rafale fighter jets between India and France towards purchase of 36 fighter jets made by Dassault Aviation SA.

Anil Ambani-led Reliance Infrastructure Limited has reportedly a 51:49 JV with Dassault Reliance Aerospace Limited (DRAL), which has an offset contract of about Rs.30,000 crore for 36 Rafale jets, as per media reports.

Elevated by the SC verdict, however, shares in Reliance Group Company, such as Reliance Communications Limited (RCom) and Reliance Infrastructure Limited rose substantially on NSE and BSE after the apex court gave a clean chit to the Modi govt on Rafale deal.

On the NSE, stocks of the Reliance Infrastructure Ltd closed at Rs 290.90 up by 1.38 percent, while on BSE, it ended at Rs. 29.85 up 1.76 percent. In a similar velocity, shares of RCom ended higher at 2.27 percent to end at Rs 15.75 per share on NSE, followed by Reliance Capital Ltd to Rs 218.55, up by 1.13%, among others.

On Friday, the Sensex closed 33.29 points, up at 35,962.93 and the Nifty 50 ended 13.90 points, higher at 10,805.45.