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Reliance Infra declines after volatile trading

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Reliance Infrastructure fell 3.28% to Rs 58.95 at 15:30 IST on BSE after the company said the sale of its stake in the Delhi-Agra toll roadway to Cube Highways will be completed by the end of August 2019.

Meanwhile, S&P BSE Sensex was down 5.67 points or 0.01% at 39,586.41.

On BSE, 98.16 lakh shares were traded in Reliance Infrastructure counter, compared to a 2-week average of 53.37 lakh shares. The share price hit an intraday high of Rs 65.80 and an intraday low of Rs 55.60. It hit a 52-week high of Rs 488.50 on 3 September 2018 and a 52-week low of Rs 37.30 on 19 June 2019.

Reliance infrastructure announced during market hours today, 27 June 2019, the sale of Delhi Agra (DA) toll road to Singapore-based Cube Highways and Infrastructure III by the end of August 2019. The company has signed a binding share purchase agreement with Cube Highways for its 100% stake in DA toll road. Reliance Infrastructure will receive an enterprise value of Rs 3,600 crore including equity of up to Rs 1,700 crore. Reliance Infrastructure will utilise 100% of the proceeds only for debt reduction. With this single transaction, debt of Reliance Infrastructure will reduce by over 25% to less than Rs 5,000 crore.

Reliance Infrastructure announced yesterday, 26 June 2019, that it bagged one of the largest Engineering, Procurement and Construction (EPC) contracts from Maharashtra State Road Development Corporation (MSRDC), the prestigious Rs 7,000 crore Versova-Bandra Sea Link project (VBSL) in Mumbai. Reliance Infrastructure said it will deliver the project in 60 months from the appointed date of 24 June 2019 as per the contract.

On a consolidated basis, Reliance Infrastructure reported a net loss of Rs 1,435.94 crore in Q4 March 2019 as compared to a net profit of Rs 133.66 crore in Q4 March 2018. Net sales rose 30.5% to Rs 4,012.65 crore in Q4 March 2019 over Q4 March 2018.

Reliance Infrastructure is involved in providing engineering, procurement and construction (EPC) services for developing power, infrastructure, metro and road projects.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, June 27 2019. 14:53 IST
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