Meanwhile, BSE Sensex was down 7.87 points or 0.04% to 20,458.46.
On BSE, 5.57 lakh shares changed hands in the counter. The stock had an average daily volume of 18.14lakh shares on BSE in past one quarter.
The stock hit a high of Rs 2,528 also a all time high for the scrip. It hit a low of Rs 2,350 so far during the day. The scrip had touched a 52 week low of Rs 448.20 on 5 March 2007.
Reliance Energy (REL), India's second largest power utility by revenue outperformed the market over the past one month till 2 January 2008 rising 24.95% compared to the Sensex's rise of 4.79%. It also outperformed the market over the past one quarter, gaining 60.06% to Sensex's gain of 15.12%.
The company's current equity share capital is Rs 236.50 crore. Face value per share is Rs 10.
At the current price of Rs 2,502.10 the PE multiple works out to 38.73 based on Q2 September 2007 annualised EPS of Rs 64.59.
Reliance Power will float India's largest public issue of Rs 11,700 crore, by selling Rs 10 face value shares in the range of Rs 415 to Rs 450. Reliance Power will offer 9.95% stake or 26 crore shares to the public. The issue opens on 15 January 2008 and closes on 18 January 2008.
The promoters of Reliance Power, Reliance Energy (REL) and AAA Projects, will hold the rest equally, or about 45.025% stake each, after the IPO. REL currently holds 50% stake in Reliance Power.
Reliance Power will be the Anil Dhirubhai Ambani group's primary vehicle for in investments in power generation, while Reliance Energy itself is metamorphosing from a transmission & distribution to an infrastructure player. Reliance Power has lined up projects to generate 24,200 megawatt through 12 projects.
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.