Vijay Kedia sold 40,00,000 shares and FIIs & DIIs increase stake in this Anil Ambani-backed Reliance Group infra stock; Scrip gains over 10 per cent!
The shares of the company saw a spurt in volume by more than 1.50 times on BSE.
On Wednesday, the stock market ended the day in the green with BSE Sensex Index up by 1.11 per cent and NSE Nifty-50 Index up by 1.14 per cent. Along with the market in green, shares of Anil Ambani-backed Reliance Group infra stock gained 22.05 points or 11.5 per cent to Rs 213.90 per share from its previous closing of Rs 191.85 with an intraday high of Rs 216.30 and an intraday low of Rs 193.10. The stock’s 52-week high is Rs 308 and its 52-week low is Rs 143.70. The shares of the company saw a spurt in volume by more than 1.50 times on BSE.
The stock name is Reliance Infrastructure Ltd.
Reliance Infrastructure Ltd is a major Indian infrastructure company with a presence across several sectors. They develop projects through special-purpose vehicles, and their work spans power generation, transmission, distribution, and trading. They're also involved in building and operating roads, metro systems, airports and even have a defence subsidiary. Notably, they're the largest concessionaire under India's National Highways Authority, and their engineering and construction arm provides turnkey solutions for power plants.
An ace investor, Vijay Kedia thought his owned company Kedia Securities Pvt Ltd sold 40,00,000 shares or 1.01 per cent stake in the company in Q1FY25. Additionally, FIIs and DIIs increased their stake to 12.37 per cent and 2.26 per cent respectively in June 2024 compared to March 2024.
DSIJ’s 'Tiny Treasure' service recommends researched Small-Cap stocks with Inherent Growth Potential. If this interests you, do download the service details here.
The company has a market cap of Rs 8,473 crore and reported a mixed set of numbers in its Quarterly Results (Q4FY24) and annual results (FY24). The stock is up by 48.85 per cent from its 52-week low of Rs 143.70 per share. The promoters of the company own 16.50 per cent, FIIs own 12.37 per cent, DIIs own 2.26 per cent, the Government own 0.02 per cent and the public & others own the rest of the stake i.e., 68.86 per cent as of June 2024.
Do you own this stock? Do let us know in the comments below.
Disclaimer: The article is for informational purposes only and not investment advice.
Also Read: Rs 540 crore order book and FIIs & DIIs increase stake: Multibagger marine electrical equipments stock hit upper circuit on August 07; Here’s Why!