Reliance Energy recovers on new order win

Reliance Energy was flat at Rs 1945 at 13.02 IST on BSE, having recovered from session's low of Rs 1896.95, after the company said it had won a contract Damodar Valley Corporation to set up a coal based power station at Raghunathpur in West Bengal.

The company made this announcement during trading hours today, 12 December 2007.
Meanwhile, BSE Sensex was down 52.79 points or 0.26% to 20,238.10 after the US Federal Reserve's small 25 basis points interest rate cut on Tuesday, 11 December 2007, raised worries about US economic growth.
On BSE 4.39 lakh shares were traded in the counter. The stock had an average daily volume of 19.09 lakh shares in the past one quarter.
The stock hit a high of Rs 1968 and a low of Rs 1896.95 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 had underperformed the market over the past one month till 11 December 2007, gaining 6.97% as compared to the Sensex’s return of 8.29%. It had outperformed the market in the past one quarter, gaining 117.56% as compared to the Sensex’s rise of 30.86%.
The company’s current equity is Rs 235.11. Face value per share is Rs 10.
The current price of Rs 1945 discounts Q2 September 2007 annualized EPS of Rs 43.76 by a PE multiple of 44.45.
The contract is worth Rs 3,725 crore. The engineering, procurement, construction (EPC) group of Reliance Energy (REL) currently has orders on hand for execution aggregating over Rs 10,000 crore.
In November 2007, REL’s subsidiary Reliance Power received a letter of intent for setting up the 4,000 MW Krishnapatnam ultra mega power project in Andhra Pradesh.
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

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