labels: reliance capital, reliance energy, markets - general
Reliance Capital and REL refute market rumours on acquisitions news
Our Corporate Bureau
12 July 2005
Mumbai: The Anil D Ambani Enterprises group through separate notices from Reliance Capital and Reliance Energy to the BSE has clarified that it has no plans to acquire companies whose names have been floating in the market.

The group in its notice to the stock exchange said that it has no plans to acquire Crest Animation, Saregama, Shringar Cinema, IndusInd Bank and Jyoti Structures. The notices have quelled all the rumours floating in the market over its aggressive acquisition plans.

Stock prices of all these companies have been soaring on rumours that Reliance Capital and Reliance Energy will take stake in these companies similar to the announcement made in Adlabs. After yesterday''s announcement the stock price of all these companies fell.

The stock price of music company Saregama rose 20 per cent in the last one week. Similarly, Crest Animation rose 28.40 per cent in a week''s time. Shringar Cinema, which is into film production and multiplexes, rose 7.19 per cent. IndusInd Bank rose 7.19 per cent last week. Jyoti structures rose 15 per cent in the last one week.

 

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Reliance Capital and REL refute market rumours on acquisitions