This Reliance Group stock has zoomed 62 per cent in four days

Shares of Reliance Industrial Infrastructure continued their upward movement, hitting a new high of Rs 736.60 after they rallied 19 per cent, on the BSE in intra-day trade on Tuesday on the back of heavy volumes. The stock of the construction & engineering company was trading higher for the fourth straight day, having zoomed 62 per cent during the period.

At 01:50 pm, the stock was trading 15 per cent higher at Rs 711 on the BSE as compared to a 0.41 per cent rise in the S&P BSE Sensex. Trading volumes on the counter more-than-doubled with a combined 7.03 million shares, representing 46.6 per cent of total equity of the company, changing hands on the NSE and BSE.

Reliance Industrial Infrastructure, a Reliance Group Company, is mainly engaged in the business of setting up/operating industrial infrastructure. Its main activities are providing services of transportation of petroleum products and raw water through its pipelines, construction machinery on hire and other infrastructure support services. The Company has its operations majorly in the Mumbai and the Rasayani regions of Maharashtra, Surat, and Jamnagar belts of Gujarat.

Reliance Industries held 45.43 per cent stake in Reliance Industrial Infrastructure as on March 31, 2021. Among the public shareholders, individuals held 47.14 per cent holding while the remaining 7.43 per cent stake was with bodies corporate (2.13 per cent), HUF (2.45 per cent) and others, the shareholding pattern data shows.

For the financial year 2020-21 (FY21), Reliance Industrial Infrastructure reported consolidated net profit at Rs 9.65 crore as against Rs 9.71 crore in FY20. The company's income from services during the fiscal, however, declined 31.9 per cent year on year to Rs 54.31 crore relative to Rs 79.80 crore in the previous fiscal.

"The company continues to provide infrastructure support services to Reliance Industries Group, with a substantial portion provided to Reliance Industries. The company presently does not have any expansion plans on the anvil," Reliance Industrial Infrastructure said in a post-result statement.



Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel