RInfra gains after commissioning transmission line in Maharashtra

Reliance Infrastructure rose 2.17% to Rs 421.70 at 11:30 IST on BSE after the company today, 18 November 2013, announced the commissioning of its 5th 400 kV double circuit transmission line in Maharashtra through its arm Reliance Power Transmission.

The announcement was made during trading hours today, 18 November 2013.

Meanwhile, the S&P BSE Sensex was up 342.17 points or 1.68% at 20,741.59.

On BSE, 1.01 lakh shares were traded in the counter as against average daily volume of 5.20 lakh shares in the past one quarter.

The stock hit a high of Rs 423 and a low of Rs 417.35 so far during the day. The stock had hit a 52-week high of Rs 572.35 on 10 January 2013. The stock had hit a 52-week low of Rs 308 on 2 August 2013.

The stock had underperformed the market over the past one month till 14 November 2013, declining 1.15% compared with the Sensex's 1.01% fall. The scrip had however, outperformed the market in past one quarter, jumping 15.33% as against Sensex's 5.33% rise.

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

Reliance Infrastructure (RInfra) said that the 311 kilometres (KM) Pune-Parli line is part of the Western Region System Strengthening Scheme (WRSSS) II project and will connect key industrial centres of Maharashtra like Pune, Aurangabad and Beed.

Speaking on the development, RInfra CEO Mr Lalit Jalan said, "We are proud to announce the commissioning of the Pune-Parli transmission line. Despite the right of way (ROW) and other local challenges, our dedicated team could completed this critical line in time, which is instrumental for inter-connection of Western and Southern grid".

Mr Jalan added, "This is India's first ever 100% privately owned inter-state transmission project of the National Grid and we at RInfra are proud to be implementing it. On completion, the project would enable evacuation of surplus power of about 4,000 MW from the Eastern part of the country to the Western region".

The 1,500 KM long WRSSS project to be executed at a cost of about Rs 1700 crore was awarded to RInfra through tariff based International competitive bidding process. The project has been executed under build, own and operate pattern.

With this, RInfra has commissioned five out of the six transmission lines to be built in Maharashtra. The sixth and the last line in the project in Maharashtra, between Pune and Aurangabad are expected to be commissioned soon. RInfra, at present, is executing five transmission projects across the country with total outlay of over Rs 6600 crore.

RInfra's consolidated net profit rose 11.7% to Rs 426.60 crore on 10.4% decline in net sales to Rs 4926.98 crore in Q2 September 2013 over Q2 September 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.

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