Reliance Infrastructure News
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Anil Ambani’s first cooperation with his older brother Mukesh after eight years meant more than family peace. It has also added $3.5 billion to the market value of the younger brother’s listed companies in five weeks.
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Billionaire Anil Ambani’s Reliance Infrastructure Ltd. is in talks to sell stakes in its power transmission business, road and subway projects, said two people with direct knowledge of the matter.
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Billionaire Anil Ambani blamed “vicious and illegal” trading for a one-day stock rout that wiped out $2.6 billion in the market value of his six publicly traded companies.
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Reliance Infrastructure Ltd. , controlled by billionaire Anil Ambani , approached banks for a 70 billion-rupee ($1.5 billion) loan to fund a new rail project in Mumbai, according to a person familiar with the matter.
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India’s stocks fell as investors speculated yesterday’s biggest one-day advance in ten months may have exceeded the outlook for earnings.
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India’s Bombay Stock Exchange Sensitive Index, or Sensex, fell 182.93, or 1 percent, to 17,592.77, at the 3:30 p.m. close in Mumbai, the lowest level since July. Shares of the following companies had unusual moves in Indian trading and stock symbols are in parentheses.
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Reliance Communications Ltd. and Reliance Infrastructure Ltd., owned by billionaire Anil Ambani, fell in Mumbai after his group said Indian federal investigators examined some of its officials.
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Billionaire Anil Ambani ’s group asked India’s stock exchange and regulator to investigate “illegal trading” after shares in its telecoms, power and infrastructure companies plunged the most in more than a year.
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Reliance Infrastructure Ltd. and Reliance Natural Resources Ltd. will comply with the market regulator’s process after the Securities & Exchange Board of India issued an order asking its directors to reply to its questions, according to a statement.
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India’s stocks rose the most in ten months on speculation an emergency package to bail out debt- laden European countries will contain the region’s credit crisis.
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