Reliance Infrastructure rose 2.05% to Rs 507.90 at 9:22 IST on BSE after the company clarified that it was engaged in various initiatives to unlock value in its existing businesses.
The company issued the clarification after market hours yesterday, 29 August 2017.Meanwhile, the S&P BSE Sensex was up 209.52 points, or 0.67% to 31,597.91.
On the BSE, 49,000 shares were traded in the counter so far, compared with average daily volumes of 3.11 lakh shares in the past one quarter. The stock had hit a high of Rs 510.90 and a low of Rs 503 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 29 August 2017, falling 5.82% compared with 3.46% decline in the Sensex. The scrip had outperformed the market in past one quarter, rising 4.21% as against Sensex's 0.78% rise. The scrip had underperformed the market in past one year, falling 16.54% as against Sensex's 10.74% rise.
The large-cap company has equity capital of Rs 262.99 crore. Face value per share is Rs 10.
With reference to the news item titled, "Greenko eyes Reliance Infrastructure's Mumbai power business for $2 billion," Reliance Infrastructure (R-Infra) clarified that it is engaged in various initiatives to unlock value in its existing businesses, including inter alia the Mumbai power business, roads and transmission, and to thereby significantly reduce its overall leverage. The company shall make appropriate disclosures on the occurrence of a disclosable event. The company is not aware of any information that has not been announced to the exchanges which could explain the aforesaid movement in the trading.
With regard to the proposed initial public offering of units by Reliance Infrastructure InvlT Fund, sale of cement business and divestment of Mumbai power distribution business, the company has made the necessary disclosures to the stock exchanges from time to time, R-Infra added.
Shares of R-Infra rose 2.98% to settle at Rs 497.70 yesterday, 29 August 2017, after media reports suggested that 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.
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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