RNRL Awaits Supreme Court Verdict

DELHI, INDIA (GaeaTimes.com)- RNRL (Reliance Natural Resources Ltd) shares which are solely owned by Anil Ambani will soon be receiving the verdict of Supreme Court of India which shall draw the end to one of the most talked about corporate war being fought over the years. The chief justice presiding over the RNRL case KG Balakrishnan who shall be leading the 3-member panel hearing the case of gas dispute in Supreme Court of India is likely to retire on May 11.

As a matter of fact, RNRL has been playing really low for quite some time now and has been fairly weak with the intermediate downtrend prevailing in the recent market, RNRL was one of the early ones which have lost its market stocks much ahead of most other big names in the business. It’s evident that RNRL is posing out to be the short sale stock candidate and is likely to be offered its derivatives. As per the current stands, Reliance Power witnessed a 1.30 per cent increment with a high price of Rs 161.65 and a low price of Rs 155.20.

Both RIL and RNRL has been keeping up the heat in this corporate tussle which has been into existence for years. The case shall soon see its verdict being delivered, which shall put an end to this legal war for over a gas supply of 28 million units in a span of 17 years. RNRL hopes to secure the position at $2.34 per unit gas supply as RNRL plans to extract the sources of the gas from the basin of Godavari Krishna- basin. Reportedly, Mukesh Ambani’s RIL (Reliance Industries Limited) procured the same in accordance to the Exploration or Licensing Policy.