 "Reliance Infra soars after foray into defence sector")
Shares of Reliance Infrastructure (RInfra) have surged 4% to Rs 439 on the BSE after the company said it has set up three wholly-owned subsidiaries to pursue growth opportunities in the defence sector.
RInfra has set up three wholly owned subsidiaries, Reliance Defence Systems, Reliance Defence Technologies and Reliance Defence and Aerospace to pursue growth opportunities in the defence sector.
RInfra is amongst the largest infrastructure companies, developing projects through various special purpose vehicles (SPVs) in several high growth sectors within the infrastructure space i.e. roads, metro rail and cement. RInfra is also the leading utility company having presence across the value chain of power businesses i.e. generation, transmission, distribution, power trading. The company also provides engineering, procurement and construction (EPC) services for developing power and road projects.
The stock opened at Rs 426, touched a high of Rs 442 and a low of Rs 425 on the BSE. A total of 435,296 shares changed hands on the BSE so far.
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