Investors of the Ambani brothers group companies grew wealthier by a cumulative Rs 18,000 crore (Rs 180 billion) in a single day, driven by the massive spurt in the stocks of RIL and ADA Group companies following their decision to smoke the peace pipe by terminating all the non-compete agreements effected in January 2006.
The market capitalisation of Reliance Industries, the country's most valued firm, soared by Rs 8,405 crore (Rs 84.05 billion) to Rs 3,34,060 crore (Rs 3340.60 billion) at the end of the trade on Monday up from Rs 3,25,655 crore (Rs 3256.55 billion) on Friday.
Shares of RIL surged 2.58 per cent to settle at Rs 1,021.45 on the Bombay Stock Exchange. During the trade the stock jumped 5.34 per cent to touch an intra-day high of Rs 1,049.
Meanwhile, the shares of ADA Group companies made their investors richer by Rs 9,552.09 crore (Rs 95.52 billion) with their combined m-cap soaring to Rs 1,18,525.98 crore (Rs 1.18 trillion).
RNRL's market valuation rose by Rs 1,641.29 crore (Rs 16.41 billion) to Rs 8,908.72 crore (Rs 89.08 billion), with the scrip surging as much as 22.58 per cent on the BSE. The market valuation of other ADAG stocks also saw considerable growth today with RCom and Reliance Power adding the most.
M-cap of RCom rose by Rs 2,992.75 crore (Rs 29.92 bilion) to Rs 30,526.86 crore (Rs 305.26 billion), while Reliance Power saw a growth of Rs 2,612.51 crore (Rs 26.12 billion) with its m-cap settling at Rs 35,844.14 crore (Rs 358.44 billion).
In a surprise move on Sunday, the Ambani brothers decided to bury their differences by terminating the 'non-compete clause' from their July 2005 family MoU - which bifurcated the Reliance empire between the brothers - to create an environment of harmony, co-operation and collaboration between their groups, saying this would eliminate any room for further disputes.
