Meanwhile, BSE Sensex was up 354.24 points or 1.86% to 19,348.69 after comments on Thursday, 29 November 2007, by Federal Reserve Chairman Ben Bernanke reinforced expectations that the US central bank was willing to lower interest rates again at the 11 December 2007 meeting.
On BSE, 10.36 lakh shares changed hands in the counter. The stock had an average daily volume of 18.97 lakh shares on BSE in past one quarter.
The stock hit a high of Rs 1,747 and a low of Rs 1,670 so far during the day. It touched a 52 week high of Rs 2,000 on 1 November 2007 and a 52 week low of Rs 448.20 on 5 March 2007.
The large-cap scrip underperformed the market over the past one month till 29 November 2007 declining 3.38% compared to the Sensex's decline of 1.58%. It however outperformed the market over the past one quarter, surging 112.71% to Sensex's gain of 26.94%.
The company's current equity share capital is Rs 234.70 crore. Face value per share is Rs 10.
The current market price of Rs 1,730 discounts its Q2 September 2007 annualised EPS of Rs 43.76, by a PE multiple of 39.53.
As per reports, Coastal Andhra Power, the special purpose vehicle formed by Power Finance Corp, awarded the letter of intent (LoI) to Reliance Power, which placed a winning bid of Rs 2.33 per unit. The company outbid Larsen & Toubro and Sterlite Industries, which quoted Rs 2.68 and Rs 4.81 a kilowatt-hour (kWh) tariff respectively.
Reliance Power has already secured the Sasan ultra mega power plant in Madhya Pradesh, which would be run on domestic coal. The Krishnapatnam project is to be operated on imported coal and would require an investment of more than Rs 16,000 crore.
Reliance Power has filed the draft prospectus for a Rs 12,000 crore initial public offer. Reliance Energy holds 50% stake in Reliance Power.
Reliance Energy (REL)'s net profit rose 34.2% to Rs 250.08 crore on 10% growth in net sales to Rs 1541.73 crore in Q2 September 2007 over Q2 September 2006.
REL, India's second largest power utility by revenue is engaged in generating, transmitting and distributing electricity. It also provides electrical contracting, engineering, procurement and construction contracts and computer services.