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Reliance Infra jumps as Greenko eyes Mumbai electricity biz

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Capital Market
Last Updated : Aug 30 2017 | 12:01 AM IST

Reliance Infrastructure rose 4.97% to Rs 507.30 at 14:15 IST on BSE on reports the company is in talks to sell its Mumbai electricity business for an enterprise value of Rs 10000-13000 crore.

Meanwhile, the S&P BSE Sensex was down 351.22 points, or 1.11% to 31,399.60.

On the BSE, 10.42 lakh shares were traded in the counter so far, compared with average daily volumes of 3.05 lakh shares in the past one quarter. The stock had hit a high of Rs 520 and a low of Rs 486.40 so far during the day. The stock hit a 52-week high of Rs 635.35 on 9 September 2016. The stock hit a 52-week low of Rs 426.45 on 9 November 2016.

The stock had underperformed the market over the past one month till 28 August 2017, falling 8.07% compared with 1.73% decline in the Sensex. The scrip had outperformed the market in past one quarter, rising 4.64% as against Sensex's 1.90% rise. The scrip had underperformed the market in past one year, falling 19.32% as against Sensex's 13.79% rise.

The large-cap company has equity capital of Rs 262.99 crore. Face value per share is Rs 10.

According to media reports, renewables company Greenko is in talks with Anil Ambani-led Reliance Infrastructure to acquire its Mumbai electricity business for an enterprise value of Rs 10000-13000 crore.

The Mumbai business caters to 3 million customers, making it the country's largest private sector integrated power utility, entailing 1800 megawatts (mw) of distribution along with generation facilities, besides over 1,000 kilometre of underground network. The distribution franchise is nine decades old with the licence valid till August 2036.

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On a consolidated basis, net profit of Reliance Infrastructure declined 23.84% to Rs 334.17 crore on 3.65% rise in net sales to Rs 7189.21 crore in Q1 June 2017 over Q1 June 2016.

Reliance Infrastructure (RInfra) is one of the largest infrastructure companies, developing projects through various special purpose vehicles (SPVs) in several high growth sectors such as power, roads and metro rail in the infrastructure space and the defence sector.

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First Published: Aug 29 2017 | 2:13 PM IST

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