This Reliance Group stock has surged 62% in 2 weeks, hit over a 11-yr high

Reliance Industrial Infrastructure rallied 19% to Rs 993.50 on the BSE,trading at its highest level since July 2010.

Shares of Reliance Industrial Infrastructure (RIIL) have moved higher by 19 per cent to Rs 993.50 on the BSE in Wednesday’s intra-day trade. The stock of Reliance Group construction & engineering company was quoting higher for the fourth straight trading day, having rallied 40 per cent during the period.

In the past two weeks, the market price of RIIL has zoomed 62 per cent from levels of Rs 613.85 on November 24, 2021. In comparison, the S&P BSE Sensex was up 0.43 per cent during the same period. The stock was trading at its highest level since July 2010. It had hit a record high of Rs 3,202 on October 31, 2007.

The trading volumes on the counter more-than-doubled with a combined 5.2 million equity shares representing 34 per cent of total equity of RIIL changing hands on the NSE and BSE till 02:32 pm.

As of September 30, 2021, Reliance Industries (RIL) held 45.43 per cent stake in RIIL, the shareholding pattern data shows. Individual shareholders held 46.41 per cent holding, while the remaining 8.16 per cent stake are with the bodies corporate (2.76 per cent), IEPF (1.41 per cent), HUF (2.36 per cent) and non-resident India or NRI (0.80 per cent).

RIIL is engaged in the business of providing infrastructural facilities and support services, namely, transportation of petroleum products and raw water through pipelines, operating construction machinery on hire and other support services.

The company’s major revenue and profit are generated from services provided to RIL and its group companies. The revenue and profitability of the company depends largely on quantum of services availed by RIL and its group companies.