Reliance Infra gains on subsidiary foraying into cement market of Bihar

Reliance Infra gains on subsidiary foraying into cement market of Bihar

Sep 09,2014   11:05 Hrs IST

Reliance Infrastructure is currently trading at Rs. 698.90, up by 9.60 points or 1.39% from its previous closing of Rs. 689.30 on the BSE. The scrip opened at Rs. 690.15 and has touched a high and low of Rs. 700.25 and Rs. 690.15 respectively. So far 103356 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 820.00 on 10-Jun-2014 and a 52 week low of Rs. 350.85 on 05-Feb-2014. Last one week high and low of the scrip stood at Rs. 755.50 and Rs. 687.25 respectively. The current market cap of the company is Rs. 18290.95 crore. The promoters holding in the company stood at 48.53 % while Institutions and Non-Institutions held 37.85 % and 12.44 % respectively. Reliance Infrastructure’s subsidiary, Reliance Cement, has forayed into the cement market of Bihar where the demand for the building material is on the rise due to real-estate boom and other infrastructure developments. The cement market in Bihar is likely to grow at the rate of 9% over the next few years. Reliance Cement is well positioned to serve the potential cement market in Bihar. Meanwhile, the company is also planning to launch its innovative customer initiative ‘On-site Expert Service’ in Bihar, which will provide an array of services including expert engineer's advice to on-site concrete testing services. Reliance Infrastructure is the largest power distribution licensee in Mumbai, with 25 years license to distribute electricity in its licensed distribution areas spread over 400 Sq. Kms. in the suburbs and surrounding areas of Mumbai, and supplying power to around 29 lakh consumers.