New order buzz energies Reliance Energy

Reliance Energy soared 6.32% to Rs 1266 at 10:42 IST on BSE on reports the company is close to signing an agreement with Indiabulls Real Estate to jointly develop a 6,000 acre multi product special economic zone in Maharashtra's Raigad district.

The stock hit a high of Rs 1274.70 and a low of Rs 1161 so far during the day. The stock had a 52-week high of Rs 2631.70 on 10 January 2008 and a 52-week low of Rs 455.05 on 19 March 2007.

India's second largest power utility by revenue had underperformed the market over the past one month till 17 March 2008, declining 30.34% compared to the Sensex's fall of 18.25%. It had also underperformed the market in the past one quarter, declining 34.14% compared to Sensex's decline of 22.38%.

The company's current equity is Rs 203.10 crore. Face value per share is Rs 10.

The current price of Rs 1266 discounts its Q3 December 2007 annualized EPS of Rs 51, by a PE multiple of 24.82.

Reliance Energy's net profit rose 50% to Rs 301.60 crore on 1.5% fall in net sales to Rs 1505.49 crore in Q3 December 2007 over Q3 December 2006.

Reliance Energy 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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