Reliance Natural Resources topped volumes chart on BSE notching total volumes of 2.96 crore shares. The stock rose 4.22% to Rs 96.25.
The Bombay High Court in its operative judgment today asked Mukesh Ambani-promoted Reliance Industries (RIL) and Reliance Natural Gas Resource (RNRL), controlled by Mukesh's younger brother Anil Ambani, to renegotiate the dispute on the gas allocation from the Krishna-Godavari Basin.
The court has asked the companies to hold the negotiations as per the MoU (Memorandum of Understanding) signed by the two brothers before. It said that the existing "gas supply master agreement" (GSMA) between RIL and RNRL is one-sided and favours Mukesh's RIL. The companies have to come back to the court in four months time with a report on the renegotiations.
Meanwhile, the court has also restrained RIL from selling gas during the interim period of four months. The high court, in its order on 20 June 2007, had prevented RIL from creating any third party interest in its gas from the D6 block in the Krishna-Godavari basin as the peak production of 80 mcmd of gas is locked up with NTPC, RNRL and for RIL's captive use.
Jai Corp was the second most traded stock in terms of volumes, after three block deals were executed in the counter in opening trade. While two deals of 99.69 lakh shares each were struck at average price of Rs 1032.50 per share, the third one of 20 lakh shares was struck at Rs 1076.85 per share. The stock rose 5% to Rs 1076.85 on total volumes of 2.19 crore shares today.
Tata Teleservices (Maharashtra) jumped 5.84% to Rs 41.70 on total volumes of 1.57 crore shares. The company's board of directors recently approved the issue and allotment of an aggregate of 1.51 crore equity shares of Rs 10 each to investors who have exercised their right to convert foreign currency convertible bonds (FCCBs) of $83.59 lakh into equity shares. It was the third most traded stock in terms of volumes.
Reliance Petroleum gained 4.81% to Rs 181.80 on volume of 1.32 crore shares while Ispat Industries advanced 4.44% to Rs 30.60 on volume of 1.30 crore shares.
The total turnover on BSE amounted to Rs 9943 crore. The BSE 30-share Sensex surged 639.63 points, or 3.47%, to 19,058.67, an all time closing high. It hit an all time high of 19,095.75 in late trade. Easing of political worries and improved Index of Industrial Production (IIP) figures for August 2007 boosted the bourses today.
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