Monday, November 29, 1999

Mukesh fails to cheer mkts, RIL slips 1.5pc

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Mumbai, June 18 (PTI) Reliance Industries today shed 1.50 per cent after the company chairman Mukesh Ambani failed to spell out the specifics of investment plans for the power sector at the 36th annual general meeting. The RIL counter closed down 1.50 per cent at Rs 1,055.25 on the Bombay Stock Exchange after rallying nearly 2 per cent intra-day, as the market was expecting some big-ticket investment plans. During the day, the scrip fell 1.80 per cent to touch an intra-day low of Rs 1,052. RIL, the most valued firm in the Sensex dragged the index to settle down 45.87 points or 0.26 per cent at 17,570.82, snapping a seven-day rally. "Investors were expecting announcement on the quantum of investment in the power sector. Market enthusiasm got subdued as Mukesh did not announce anything big which investors were not aware of. People were awaiting clarity on investment size," Angel Broking vice-president Sarabjit Kour Nangra said. "The market had built up too much expectations about RIL''s shareholders meet. They were anticipating the brothers'' re-union on the back of the meeting, but nothing actually happened so the stock saw some price correction," Unicon Financial chief executive Gajendra Nagpal said. Similarly, on the National Stock Exchange, RIL settled at Rs 1,051.20, down 1.89 per cent. On the volume front, a total of over one crore shares of RIL changed hands on both the bourses. At the AGM, Mukesh announced multi-billion dollar investment plans in the power sector and said that it will supply natural gas to Anil Ambani Group''s power plants as and when they are ready. The other Mukesh-led firm Reliance Industrial Infrastructure also closed flat at Rs 1,005.20 on the BSE..

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