3 ADAG cos defer board meeting

Three ADAG firms,including Reliance Power and RNRL have announced the deferment of their respective board meetings for declaring financial results for the year and quarter ended March 31,2010,to May 15. The move has come out days after the Supreme Court rejected RNRL plea for cheap gas from Mukesh Ambani-led RIL.

Meanwhile,Anil Ambani has written a morale boosting letter to group employees saying the judgement though disappointing has safeguarded interest of RNRL shareholders. We respect the judgement and note that the Supreme Court has safeguarded the interests of over 25 lakh RNRL shareholders by laying down guidelines for an expeditious finalisation of the gas supply agreement between RIL and RNRL, he wrote in an email to employees of Reliance-Anil Dhirubhai Ambani Group.

RNRL shares touched a 52-week low of Rs 47.75,down nearly 10 per cent on the BSE during intra-day. It,however,recovered some of the losses to close at Rs 50.15,down 4.93 per cent from the previous close. Reliance Industries gained 4.48 per cent to end trade at Rs 1,080.20. Reliance Infrastructure bounced back by 8.49 per cent to 1,062.85. Among other group firms,RCom closed at Rs 154.70,up 1.21 per cent,and Reliance Power settled 6.28 per cent down at Rs 148.90. RNRL has postponed its board meeting,which was earlier scheduled on May 14,to May 15 to announce quarterly results and to consider interim dividend.