RNRL share prices went up over gas dispute verdict news

In a week, Supreme Court will give its verdict about the RIL vs RNRL gas dispute. With this news, share prices of Reliance Natural Resources (RNRL) went up. KG Balakrishnan, the Chief Justice who is overlooking this case is going to retire on May 11, 2010.

At 10:35 a.m. share prices of RNRL was at Rs.66.70 which advanced 7.06% to Rs.67.85 and Rs.61.50 low. On the other hand, share of Reliance Industries Limited (RIL) went down by 2.26% after the company released its quarterly results. Indiaserver.com reports:

RIL and RNRL have been fighting over the gas supply to RNRL from Krishna-Godavari basin gas fields of about 28 million units of gas at the cost per unit of $2.34 which belong to RIL as per the New Exploration or Licensing Policy (NELP).

Mukesh D. Ambani led Reliance Industries Limited is the largest private sector conglomerate with an annual turnover of $44.6 billion and profit of $3.6 billion as of March 2010. It was founded by Dhirubhai Ambani in 1966. Oil business is the core business of RIL. After the death of Dhirubhai Ambani the company was divided between Dhirubhai Ambani’s two sons- Anil Dhirubhai Ambani and Mukesh D. Ambani.

Reliance Natural Resources Limited was incorporated on March 24, 2000, under the Companies Act, 1956as Reliance Platform Communications.Com Private Limited. The status of the company changed from private limited to public limited on July 25, 2005. The company’s name has been changed to its present name under Fresh Certificate of Incorporation.