Rel Infra surges 5% on order hopes

The stock slipped to a low of Rs 1,182 but surged 8% from there to the day's high of Rs 1,275. It finally ended 5% higher at Rs 1,262 with over 1.39 million shares traded on the BSE today.
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(Updated at 1252 hrs)

Reliance Infrastructure has gained on hopes of acquiring the Mumbai Metro II contract.

The stock today opened with a positive gap of 1.5% at Rs 1,218. It surged 5% to touch a high of Rs 1,259 and is currently trading 3% higher at Rs 1,240. The counter has clocked a volume of 367,500 shares on the BSE so far.

The firm has already started negotiating with domestic banks to tie up funds for the estimated Rs 11,000-crore project. They are also set to buy the 11-km Bandra-Worli Sea Link, and is the preferred bidder for the Worli-Haji Ali link. This would let them collect toll for the entire sea link stretch for the next 40-50 years.