Monday, November 29, 1999

RIL AGM hyped up: Kejriwal

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The stock markets were dragged down post-RIL AGM and it took a down-to-earth analyst to put things in proper perspective.Mukesh Ambani, chairman of Indian energy major Reliance Industries, said the firm is ready to provide gas to power plants controlled by his brother Anil Ambani's Reliance ADAG and looks forward to a harmonious and constructive relationship with the company.Following are comments from analysts:ARUN KEJRIWAL, DIRECTOR OF RESEARCH FIRM KRIS IN MUMBAI:There were a lot of unrealistic expectations built around Reliance AGM. The hype is now fading, which is reflected in the share price movement.BACKGROUND: - In May, Mukesh Ambani won a Supreme Court ruling in a gas pricing dispute with Anil that had embroiled New Delhi and ultimately brought the long-estranged brothers to the negotiating table.- Exactly five years ago, the two brothers split the business empire founded by their father after disagreements over ownership, and the non-compete agreement had been a source of acrimony between the two.- Reliance shares have the highest weighting in India's main stock index, the 30-share Sensex.

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