Reliance ADAG stocks soar up to 14% on mega defence alliance buzz

NEW DELHI: Shares of Reliance Anil Dhirubhai Ambani Group (ADAG) as well as Hinduja Group hogged limelight in the afternoon trade on Tuesday after ETNow reported that managements of both the groups are in advanced talks for mega defence alliance.

Reliance Naval (formerly known as Reliance Defence) was trading 4.40 per cent up at Rs 45.05 at around 12.35 pm (IST), while Reliance Communication was up around 14 per cent at Rs 18.52 at around the same time.

Other ADAG companies including Reliance Power and Reliance Capital were up 3.01 per cent and 4.15 per cent, respectively.


AGAG and Hinduja Group’s Ashok Leyland may join a foreign OEM post defence alliance and both of these groups can announce the deal in January, according to the report.

Shares of Ashok Leyland were up 2 per cent at Rs 119.95 in the afternoon trade.

ADAG’s Reliance Defence is already present in aircraft, helicopter and submariance segments.

ET Now report further stated that Reliance Defence and Ashok Leyland alliance to focus on armoured vehicles platform.