Reliance Infrastructure Stock Jumps 10.75% on Heavy Volume
Shares of Reliance Infrastructure Ltd rose sharply in Wednesday’s trade amid heavy volumes. The stock jumped 10.75 per cent to hit a day high of Rs 157.15 over its previous close of Rs 141.90. Around 34.20 lakh shares changed hands today on BSE, which was way more than the two-week average volume of 4.94 lakh shares. Turnover on the counter stood at Rs 49.72 crore, commanding a market capitalisation (m-cap) of Rs 5,398.22 crore.
What Led to These Gains?
Many firms have shown their interest to invest in Reliance Infrastructuresâ road and power businesses, which could be one of the reasons behind the surge in the stock price. Reliance Infrastructure sources informed that they are in the process of evaluating the proposals from these firms.
What’s More?
At today’s high price of Rs 157.15, the stock was down 21.95 per cent from its 52-week high of Rs 201.35, hit on September 2, 2022. That said, it has gained 55.98 per cent since the beginning of the year. The stock has been gradually gaining momentum from its 52-week low of Rs 99.10, hit on April 8, 2021. Investors seem to be bullish on the stock, as it has a consensus ‘Buy’ rating from the analysts.
