"Market has already reacted in response to the SC verdict and now the overall market sentiment would lead the movement in these stocks," Delhi-based brokerage firm SMC Capitals' Equity Head Jagannadham Thunuguntla said.

1. RIL shares may gain further after SC verdict
May 9th, 2010
PTI
Shares of Mukesh Ambani-led Reliance Industries are likely to see upward movement in coming
sessions while stocks of Anil Ambani Group firms, including RPower and RNRL, may be under
pressure after the Supreme Court verdict in gas dispute between two brothers, say analysts.
"Post verdict, RIL is now stable, whereas RNRL and other stocks, which are part of Reliance-
ADAG, are weak," Bonanza Portfolio's Assistant VP (Equity-Research) Avinash Gupta said.
"RIL has now got clarity that it needs not supply at lower rates to RNRL. That was the thorn.
With the removal of this overhang, the stocks could get rerated better. RNRL and RPower will
be adversely impacted," an analyst had said after the SC ruling.
Last Friday, giving its verdict on the year-long battle between RIL and RNRL, a three-judge
bench of the Supreme Court said the Ambani family MoU dividing the gas was not binding, both
legally and technically. The SC ruled that government has the last word on pricing and utilisation
of a national asset.
"We view the Court's verdict as favourable for RIL, while it is a negative for RNRL and
Reliance Power. The judgement has lifted the overhang from the RIL stock," brokerage firm
Angel Broking said in a note.
Some analysts, however, said that the market has already reacted towards the SC verdict on the
RIL-RNRL dispute and in coming sessions overall sentiment will be the deciding factor for these
scrips rather than the court ruling.
"Market has already reacted in response to the SC verdict and now the overall market sentiment
would lead the movement in these stocks," Delhi-based brokerage firm SMC Capitals' Equity
Head Jagannadham Thunuguntla said.
Post ruling, the entire ADAG pack came under pressure and RNRL tanked nearly 27 per cent,
Reliance Power sank nearly 9 per cent, Reliance Infrastructure dropped 7 per cent and RCom by
2.67 per cent on Friday last week.
Reliance Natural Resources was the biggest loser on Friday and saw the highest trading with
over 10.68 crore shares changing hands on BSE.
On the other hand, RIL, which carries the maximum weight in the pack of bluechip stocks on
BSE as well as on NSE, climbed about 5 per cent in intra-day trade.
Interestingly, after the verdict of the Bombay High Court on June 15, 2009, which had directed

2. RIL to supply RNRL gas at USD 2.34/mmbtu for a period of 17 years staring commissioning of
Reliance Power's gas-based power plant, shares of RIL had tanked 8.41 per cent, while RNRL
had zoomed about 20 per cent.
After the SC verdict, ADAG Chairman Anil Ambani had said: "At Reliance Power, we remain
committed to emerging as India's largest power producer, with fast track execution of over
35,000 MW of greenfield power generation capacity, and will continue to work towards the all-
round development of the power sector in India." PTI