Reliance Infra up ober 14.5%

Reliance Infrastructure is the current top gainer on the BSE; from its close of Rs.167.75, it opened higher at Rs.172.80 and went on to hit a new intraday high at Rs.192.15, up more than 14.5% and this is on the back of almost doubled-up volumes. Its 52-week high is at Rs.308.

This Anil Ambani stock up as it seems to be in a flurry of setting up new companies. First was the news of its wholly-owned subsidiary Reliance Energy, setting up a new wholly-owned subsidiary named Reliance Risee Private Limited (RRPL) and its business is to act as advisors and consultants on various matters related to engineering, technology, and commodities. It will also deal in all kinds of commodities and their derivatives.

Reliance Energy set up another wholly-owned subsidiary, Reliance Jai Private Limited (RJPL) and its focus will be on the infrastructure sector, dealing in and manufacturing various infrastructure-related products – areas of operation including power generation stations, telecommunication network services, and other diverse products and services.

More interesting was this another subsidiary - Reliance EV Private Limited (REVPL), a wholly owned subsidiary of Reliance Velocity, which in turn is a wholly owned subsidiary of Reliance Infra. This company will manufacture, deal, in vehicles of every description and components for transport and conveyance using any nature of fuel.

The stock is showing so much activity probably also because ace investor, Vijay Kedia tracks this stock actively and recently purchased over 1% stake in the company.