RInfra drops after 4-day 6% gains

Reliance Infrastructure lost 2.96% to Rs 340.90 at 12:12 IST on BSE, with the stock sliding on profit booking after 4-day 6.08% gains.

Meanwhile, the S&P BSE Sensex was down 257.57 points or 1.36% at 18,628.56.

On BSE, 2.81 lakh shares were traded in the counter as against average daily volume of 6.45 lakh shares in the past one quarter.

The stock hit a high of Rs 355.30 and a low of Rs 340.85 so far during the day. The stock had hit a 52-week low of Rs 308 on 2 August 2013. The stock had hit a 52-week high of Rs 572.35 on 10 January 2013.

The stock had outperformed the market over the past one month till 2 September 2013, surging 12.78% compared with the Sensex's 1.45% fall. The scrip had also outperformed the market in past one quarter, declining 2.77% as against Sensex's 4.42% fall.

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

Shares of Reliance Infrastructure (RInfra) had surged 6.08% in four trading sessions to settle at Rs 351.30 on Monday, 2 September 2013, from a recent low of Rs 331.15 on 27 August 2013.

RInfra during trading hours on Monday, 2 September 2013, announced the completion of widening of the entire 136 kilometre (km) Salem-Ulundurpet road in Tamil Nadu through its special purpose vehicle (SPV) - SU Toll Road. The stock had risen 2.6% to settle at Rs 351.30 on Monday, 2 September 2013.

Built at a cost of Rs 1061 crore, the SU corridor connects major tourist destinations, industrial zones in Salem district and the Chennai international airport. The popular hill station Yercaud in Tamil Nadu will also be easily accessible through this corridor, the company said.

The project has been executed on build, operate, transfer (BOT) pattern under the aegis of National Highways Authority of India (NHAI). RInfra has been awarded the contract to operate and maintain the road for a concession period of 25 years, the company added.

The SU road has already been revenue operational since 28 July 2012 with two toll plazas located at Nathakkarai and Veeracholapuram. A third toll plaza at Mettupattai has now become operational. Toll collection has started at all toll plazas, RInfra said.

RInfra's consolidated net profit rose 0.8% to Rs 415.20 crore on 1.7% growth in net sales to Rs 5432.64 crore in Q1 June 2013 over Q1 June 2012.

RInfra is the largest infrastructure company developing projects, through various Special Purpose Vehicles (SPVs), in several high growth areas in the Infrastructure sector 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, trading and EPC. RInfra along with its wholly owned subsidiary generates over 940 MW of power through its five power stations; distributes power to over 60 lakh consumers in Mumbai and Delhi and is developing 5 transmission projects including the first independent private transmission projects.

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