Reliance Infrastructure gained 2.43% to Rs 505.50 at 14:50 IST on BSE after reports suggested that the company has initiated a process to spin off a new unit, called Reliance Transport.
Meanwhile, the S&P BSE Sensex was down 116.10 points, or 0.37% to 31,174.64.On the BSE, 4.27 lakh shares were traded in the counter so far, compared with average daily volumes of 3.87 lakh shares in the past one quarter. The stock had hit a high of Rs 509.20 and a low of Rs 486.60 so far during the day. The stock had hit a 52-week high of Rs 635.35 on 9 September 2016. The stock had hit a 52-week low of Rs 426.45 on 9 November 2016.
The stock had underperformed the market over the past one month till 22 June 2017, falling 11.17% compared with Sensex's 2.35% gains. The scrip had also underperformed the market in past one quarter, dropping 12.02% as against Sensex's 7.28% rise. The scrip had also underperformed the market in past one year, dropping 8.78% as against Sensex's 16.91% rise.
The large-cap company has equity capital of Rs 262.99 crore. Face value per share is Rs 10.
The spinoff will take care of its interests in railway, metro, airport and road projects even as the proposed listing of Infrastructure Investment Trust (InvIT) faces what the company calls some procedural delays after receiving the nod from the stock market regulator, report added.
Meanwhile, Reliance Infrastructure said after market hours yesterday, 22 June 2017 that Reliance Defence, a fully owned subsidiary of Reliance Infrastructure, signed a memorandum of understanding (MOU) at the Paris Air Show with Daher Aerospace, France, a leading supplier of integrated systems for Aerospace and Advanced Technologies.
Daher Aerospace is tier one manufacturer in Aerostructures segment comprising fuselage sections and fairings made of composites as well as conventional metals for Dassault Aviation and other leading global aircraft manufacturers.
Signing this MOU on the sidelines of the Paris Air Show, Reliance Defence envisages a strategic partnership with Daher with aim to jointly explore opportunities in design and manufacture of composite parts; design and build welded ducts, metal conduits, swaged pipes and cable harness supports; aerostructure components, integrated logistics, airframes/assemblies and related industrial activities.
On a consolidated basis, Reliance Infrastructure reported net profit of Rs 40.94 crore in Q4 March 2017 as against net loss of Rs 327.42 crore in Q4 March 2016. Net sales declined 10.3% to Rs 4992.55 crore in Q4 March 2017 over Q4 March 2016.
Reliance Infrastructure (RInfra) is one of the largest infrastructure companies, developing projects through various special purpose vehicles (SPVs) in several high growth sectors such as power, roads and metro rail in the infrastructure space and the defence sector.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
