Anil Ambani stock engaged in developing infrastructure projects in several sectors such as power, roads, metro rail, airports, and many others jumped 14 percent in the day’s trade upon incorporating a new subsidiary to enter the EV segment.
With a market capitalization of Rs. 7,322 Crores, the shares of Reliance Infrastructure Limited were trading at Rs. 184.60 per equity share, up 10 percent from its previous day’s close price of Rs. 167.75.
Reliance Infrastructure Limited has announced the incorporation of a new wholly-owned subsidiary named Reliance EV Private Limited (REVPL) with an Authorized and Paid-up Share Capital of Rs. 1 Lakh.
The main objective for the incorporation of a new subsidiary is to manufacture, and deal, in vehicles of every description and components for transport and conveyance using any nature of fuel. It is yet to commence its business operations.
In Addition, it has recently incorporated another wholly-owned subsidiary of the Company named Reliance Risee Private Limited to act as advisor and consultant on all the matters relating to engineering, technology, etc., and deal in all commodities and their derivatives.
Reliance Infrastructure Limited is one of the largest infrastructure companies engaged in developing infrastructure projects in several sectors such as power, roads, metro rail, and airports in the infrastructure space and the defence sector.
Ace Investor Vijay Kishanlal Kedia took a fresh holding in the company in the March 2024 Quarter by acquiring a 1.01 percent stake consisting of 40 Lakh Equity Shares through his firm Kedia Securities Private Limited.
Its Revenue grew by 12.66 percent from Rs. 4,159.27 Crores in Q4FY23 to Rs. 4,685.96 Crores in Q4FY24, accompanied by a decreasing loss of Rs. 2,564.18 Crores to Rs. 5.43 Crores.
Written by: Bharath K.S
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