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RInfra gains after commissioning 6th transmission line in Maharashtra

Capital Market/ 14:32 , Jul 04, 2012

Reliance Infrastructure rose 1.04% to Rs 570.90 at 14:31 IST on BSE after the company said it has commissioned a 400 kilovolts double circuit transmission line between Solapur and Kolhapur in Maharashtra through a wholly-owned subsidiary.

The company made this announcement during trading hours today, 4 July 2012.

Meanwhile, the BSE Sensex was up 31.82 points or 0.18% to 17,457.53.

On BSE, 3.17 lakh shares were traded in the counter as against average daily volume of 5.21 lakh shares in the past one quarter.

The stock hit a high of Rs 573 and a low of Rs 564.90 so far during the day. The stock had hit a 52-week high of Rs 679.70 on 6 March 2012. The stock had hit a 52-week low of Rs 328.35 on 2 January 2012.

The stock had outperformed the market over the past one month till 3 July 2012, surging 31.26% compared with Sensex's 9.15% rise. The scrip had, however, underperformed the market in past one quarter, falling 7.8% as against Sensex's 0.98% fall.

The large-cap company has an equity capital of Rs 262.99 crore. Face value per share is Rs 10.

Reliance Infrastructure (RInfra) said it has commissioned a 400 kilovolts (kV) double circuit transmission line between Solapur and Kolhapur in Maharashtra through its wholly-owned subsidiary -- Western Region Transmission (Maharashtra). This 220 kilometers (KM) long, 400 kV double circuit transmission line is the sixth line under the Western Regional System Strengthening (WRSS) scheme that will connect two key business and tourists centers of Western Maharashtra and will boost the economic growth of the region, Reliance Infrastructure said in a statement.

WRSS is India's first ever 100% privately owned transmission project on build, own, operate and maintain (BOOM) basis having 1,500 KM length, and being executed at a cost of Rs 1400 crore. The project was awarded to Reliance Infrastructure through tariff based international competitive bidding process.

Commenting on commissioning of the 6th transmission line in Western Grid, Mr Alok Roy, CEO, Reliance Power Transmission (RPTL) said, We are proud to announce the commissioning of sixth transmission line, where getting Right of Way was a big challenge. Out of nine, our six transmission lines have been successfully commissioned. We are committed to completing the project by FY 2013 that will facilitate 4,000 MW power flow from eastern region to the western region of the country. This would benefit all constituent utilities and relieve grid congestion in the western region.

Reliance Infrastructure said its wholly-owned subsidiary, RPTL, has already commissioned first five transmission lines of the project, viz. Solapur-Karad, Limdi-Ranchodpura, Lonikand-Kalwa, Solapur-Parali and Vadavi-Kansari.

RInfra is currently executing five transmission projects across the country with total outlay of over Rs 6600 crore. The company owns two ultra mega transmission projects, making the company as the largest developer of transmission projects in the private space.

Reliance Infrastructure's consolidated net profit rose 0.1% to Rs 411.46 crore on 90.5% growth in net sales to Rs 7000.41 crore in Q4 March 2012 over Q4 March 2011.

Reliance Infrastructure is the largest infrastructure company developing projects through various Special Purpose Vehicles (SPVs) in several high growth areas in infrastructure sector i.e. Roads, Metro Rail, Airports, etc. The company is also a leading utility company having presence across the value chain of power businesses i.e. Generation, Transmission, Distribution, EPC (engineering, procurement, and construction) and Trading. The company also provides EPC for developing power and road projects and currently has an order book of Rs 17280 crore.

 



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