 "Reliance Infrastructure gains 8% on plans to raise long-term funds")
Reliance Infrastructure shares surged as much as 8 per cent and logged an intraday high of Rs 232.8 on the BSE on Tuesday's trading session. The courter saw buying after the company announced the schedule of a board meeting to discuss raising long-term funds.
At around 11:11 AM, shares of Reliance Infrastructure were up 6.28 per cent at Rs 229.3 per share. The BSE Sensex, at around the same time, was trading 28.32 points higher at 83,017.
Reliance Infrastructure, through an exchange filing on Monday after market hours, said that a meeting will be held on September 19 to discuss the fundraising.
"We wish to inform you that a meeting of the Board of Directors of the Company has been convened on Thursday, September 19, 2024, inter alia, to consider and approve raising of long term resources," the filing read.
The company has not disclosed the mode of fundraising, nor the amount the company is looking to raise, or its reasons.
Reliance Infrastructure Q1FY25 results
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Reliance Infrastructure narrowed its losses by 65.2 per cent year-on-year (Y-o-Y) in the quarter ended June 30, 2024, to Rs 233.74 crore, compared to a loss of Rs 672.86 crore in the year-ago period.
The company's total income for the quarter stood at Rs 7,256.21 crore, compared to Rs 5,645.32 crore a year ago. Total expenses for the quarter stood at Rs 6,799.3 crore, compared to Rs 6,372.4 crore in the year-ago period.
As of March 31, the Engineering and Constructing (E&C) division of the company had a total order book of Rs 1,974.64 crore.
Reliance Infrastructure is a constituent of the Anil Ambani-led Reliance Group. The company is engaged in the business of providing Engineering and Construction (E&C) services for power, roads, metro rail, and other infrastructure construction.
Reliance Infrastructure is also engaged in the implementation, operation and maintenance of several projects in the defence sector and infrastructural areas through its special purpose vehicles. It has executed the Mumbai Metro line one project. Further, the company is also a leading utility company, with a presence spread across the value chain of energy businesses.
In the past one year, shares of Reliance Infrastructure have gained 17.7 per cent, compared to the BSE Sensex's rise of 22.33 per cent during the same period.