Everything was good in the morning, 1st two hours also RNRL performed well with 2-3% rise in its share price, it was around Rs 103 by 12 noon. Option were also trading higher by 30-40%. BUT what is this? It started falling again and fell down to Rs 98 by closing of the day.....
We were betting on the fact that today 31st July, court case between RIL and RNRL will proceed further but something else happened....and we lost the bet. Anyway it happens, better try luck next time:-)
Hearing on RIL-RNRL case postponed to Aug 5
The Bombay High Court has once again postponed hearing on the Reliance Industries-Reliance Natural Resources case till Tuesday, August 5.
The RIL Counsel said the logic of RIL supplying gas to NTPC couldn't be applied to RNRL. "No private arrangement should defeat the production sharing contract for an important resource like natural gas. RNRL is treating the demerger scheme as a guarantee to supply 28 mmscmd of gas.
The demerger scheme never mentions guarantee of supply and hence family MoU comes in. Gas production and power plants are following different timelines and the Gas Supply Master Agreement, or GSMA, is the bridge. There is nothing inherently unreasonable in what we propose as part of GSMA."
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