Authors: TheIndianSubcontinent News AgencyShares of Anil Dhirubhai Ambani Group (ADAG) climbed up to 16 per cent on Wednesday morning.Reliance Communications rose 15.74 per cent to Rs 17.65 at around 10.50 am (IST).
The scrip opened at Rs 15.25 and touched high and low of Rs 17.75 and Rs 14.95, respectively, so far.
The benchmark BSE Sensex was up 27 points, or 0.08 per cent, at 35,187 at around the same time.A consortium of 30 lenders to Reliance Communications, led by State Bank of India, has urged the bankruptcy court to dismiss Ericssons insolvency petition against the telco, saying its Rs 18,000 crore asset sale to Reliance Jio is critical to all parties, according to a report by ET on April 27.In a bid to speed up the asset sale, RComs lenders recently also agreed to pay Rs 774 crore the telco owes to the Department of Telecommunications (DoT).
The Supreme Court had last week asked RCom to pay DoT by May 2.Reliance Power was trading 4.59 per cent up at Rs 38.70 whereas Reliance Capital rose 1.90 per cent to Rs 443.35.Reliance Naval and Engineering went up 5.15 per cent to Rs 19.40 at around the same time.
It had hit its record low-level last month after auditors raised questions about the Anil Ambani-led companys ability to continue as a going concern.