Reliance Energy charged up
The uptrend in Reliance Energy continues.
The company, early this month, held a conference call to discuss its future growth plans and Q2 September 2006 results.The scrip was up 3% in early trade today at Rs 529. As many as 2.5 lakh shares changed hands in the counter on BSE.The stock spurted nearly 7% a single trading session on 3 November to Rs 511.01, following the conference call and consolidated over the next few days.
Reliance Energy, along with its consortium, recently signed a contract with the Ministry of Petroleum and Natural Gas (MoPNG) for exploration and production of four coal bed methane (CBM) blocks –two in Rajasthan, one in Andhra Pradesh and one in Madhya Pradesh.
REL will be responsible for utilising CBM from the four blocks for power generation. REL has major expansion plans in the power-generation segment. The company is planning for a 4,000 Mw gas-based plant in Maharashtra. The company may bid for two ultra-mega projects, which have been launched by the Government of India at Mundra and Sasan.
REL, which is also into turnkey power projects, said at its conference call that the order-book position of the company’s EPC division stood at Rs 2,366 crore, and the company is currently working on about Rs 10,000 crore worth of power projects in various states.
The company is also implementing two highway projects in Tamil Nadu, involving a total investment of about Rs 700 crore. Reliance Energy is executing the Mumbai Metro Rail Venture (MRT) through the public-private sector partnership route.
REL posted a 16.8% growth in net profit to Rs 186.4 crore, for Q2 September 2006, against Rs 159.57 crore in the corresponding previous period. Total income rose by 36% to Rs 1,583.70 crore (Rs 1,161.36 crore).
The company, early this month, held a conference call to discuss its future growth plans and Q2 September 2006 results.The scrip was up 3% in early trade today at Rs 529. As many as 2.5 lakh shares changed hands in the counter on BSE.The stock spurted nearly 7% a single trading session on 3 November to Rs 511.01, following the conference call and consolidated over the next few days.
Reliance Energy, along with its consortium, recently signed a contract with the Ministry of Petroleum and Natural Gas (MoPNG) for exploration and production of four coal bed methane (CBM) blocks –two in Rajasthan, one in Andhra Pradesh and one in Madhya Pradesh.
REL will be responsible for utilising CBM from the four blocks for power generation. REL has major expansion plans in the power-generation segment. The company is planning for a 4,000 Mw gas-based plant in Maharashtra. The company may bid for two ultra-mega projects, which have been launched by the Government of India at Mundra and Sasan.
REL, which is also into turnkey power projects, said at its conference call that the order-book position of the company’s EPC division stood at Rs 2,366 crore, and the company is currently working on about Rs 10,000 crore worth of power projects in various states.
The company is also implementing two highway projects in Tamil Nadu, involving a total investment of about Rs 700 crore. Reliance Energy is executing the Mumbai Metro Rail Venture (MRT) through the public-private sector partnership route.
REL posted a 16.8% growth in net profit to Rs 186.4 crore, for Q2 September 2006, against Rs 159.57 crore in the corresponding previous period. Total income rose by 36% to Rs 1,583.70 crore (Rs 1,161.36 crore).
posted by SY at 5:00 PM
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