India's Reliance group stocks rise; RCom asks lenders to release about $36 mln to Ericsson

Swan Defence and Heavy Industries

22/02/2019 07:17

** Shares of Anil Dhirubhai Ambani's Reliance group
companies surge on Friday, with Reliance Communications Ltd
 RLCM.NS  (RCom) climbing as much as 20.5 pct to its highest
since Feb. 4
    ** RCom on Thursday said it requested "urgent approval" from
lenders to release about 2.60 bln rupees ($36.52 mln), got from
income tax refunds, directly to Ericsson  ERICb.ST   urn:newsml:reuters.com:*:nFWN20F14H
    ** RCom confident that entire sum, plus interest, will be
paid to Ericsson well within the 4 weeks allowed by Supreme
Court  
    ** The Indian apex court on Wednesday found Anil Ambani,
chairman of RCom, guilty of contempt of court for wilfully
failing to pay 5.5 bln rupees to Ericsson  urn:newsml:reuters.com:*:nL3N20F299
    ** "Reliance Group stocks have been hammered badly recently,
so this positive news has given a bounce to the stocks," said
Siddharth Sedani, head of equity advisory at Anand Rathi
Financial Services in Mumbai.
    ** Sedani, however, cautioned that investors would be wary
of issues such as high debt levels that persist at these
companies
    ** Reliance Infrastructure Ltd  RLIN.NS  rises as much as
12.1 pct
    ** Reliance Naval and Engineering Ltd  RELV.NS  shares up as
much as 9.9 pct while those of Reliance Power Ltd  RPOL.NS  rise
as much as 6.2 pct


($1 = 71.1850 Indian rupees)

 ((harish.bhaskar.thomsonreuters.com@reuters.net))