Reliance Infra gains on reports of receiving three bids for cement assets

Reliance Infrastructure rose 2.97% to Rs 505.65 at 12:13 IST on BSE on media reports that the company has received three final bids for its cement assets.

Meanwhile, the BSE Sensex was down 2.83 points, or 0.01%, to 26,031.30.

On BSE, so far 3.85 lakh shares were traded in the counter, compared with an average volume of 3.79 lakh shares in the past one quarter.

The stock hit a high of Rs 506.70 and a low of Rs 493.30 so far during the day. The stock hit a 52-week high of Rs 525.35 on 2 January 2015. The stock hit a 52-week low of Rs 282.20 on 25 August 2015.

The stock had outperformed the market over the past one month till 28 December 2015, rising 13.62% compared with 0.36% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 42.11% as against Sensex's 1.63% rise.

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

According to reports, JSW Cement and Birla Corp are among the three bidders.

As per recent reports, Reliance Infrastructure is in advanced talks to sell its cement business for Rs 2600 crore. Under the terms of the deal, the buyer would also take over the cement unit's outstanding debt of Rs 2400 crore, giving the business an enterprise value of Rs 5000 crore.

On a consolidated basis, Reliance Infrastructure's net profit rose 4.6% to Rs 451.13 crore on 7.1% growth in net sales to Rs 4323.87 crore in Q2 September 2015 over Q2 September 2014.

Reliance Infrastructure 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. The company is also the leading utility company having presence across the value chain of power businesses i.e. generation, transmission, distribution and power trading. The company also provides engineering, procurement and construction (EPC) services for developing power and road projects.

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