Mumbai: Mukesh Ambani-controlled Reliance Industrial Infrastructure’s stock touched a new 52-week high of Rs792.05 on expectations of orders from its parent Reliance Industries to build gas pipelines and warehouses.
Later, the scrip of the construction company closed 8.85% up at Rs783.75 at the BSE. Reliance group plans to spend $4 billion (Rs16,212 crore) on building a pipeline to transport natural gas from a field off the east coast to industries in the western states of Gujarat and Maharashtra.
A section of the market reckons that the firm might get a bulk of the construction orders for the RIL projects.
State Trading Corporation spurts on bonus issue proposal
Government-run STC of India touched a new 52-week high of Rs238.35 after it announced that a board meeting will be held on 26 September to consider bonus issue.
The scrip of the company remained locked in 20% upper circuit limit at Rs238.35 at the BSE. It is a premier international trading house in which the government holds 91.02 per cent stake.
Hexaware Tech slips
IT firm Hexaware Technologies Ltd’s shares dropped 3.74% to Rs127.35 on speculations that General Atlantic LLC would sell its stake in it.
Reports of a delay in General Atlantic’s plans to sell its stake in Indian software-maker Patni Computer Systems Ltd prompted some traders to speculate that the private equity firm may sell its stake in Hexaware. The private equity firm holds 7.95% stake in the IT firm as of 30 June.