April 28 (Bloomberg) -- Reliance Natural Resources Ltd., owned by
billionaire Anil Ambani, headed for its biggest gain in eight months
after surging on speculation India's Supreme Court may soon rule in
the company's favor in a gas supply dispute.
The shares gained as much as 8.9 percent to 67.95 rupees, the most
since Aug. 26, and traded at 67.15 rupees at 11:56 a.m. in Mumbai
trading. The benchmark Sensitive Index declined 0.8 percent.
"There's speculation that the court date is approaching fast and
that there might be some upside" for Reliance Natural, said V.S.R.
Sastry, vice president of equity research at Firstcall India Equity
Advisors Pvt. in Mumbai. "Investors who have been staying for a long
time on the sidelines are coming in."
Reliance Natural is awaiting the court's verdict over the pricing and
supply of gas from India's largest field, operated by Reliance
Industries Ltd., the energy explorer and refiner controlled by Anil's
estranged older brother, Mukesh.
Reliance Industries fell as much as 2.5 percent and traded at 1,036.15
Chief Justice K.G. Balakrishnan headed a three-judge panel that
reserved judgment in the lawsuit after arguments concluded on Dec. 18.
Balakrishnan is due to retire on May 11, Rakesh Kumar Sharma, the
Supreme Court's public relations officer, said by telephone from New