R-Power gains over 5 per cent; outperforms Sensex
Reliance Power, the Anil Ambani group's latest entry to bourses, today clocked a 5.3 per cent rise in its share price, snapping a three-day losing streak and outperforming the market benchmark Sensex in the process.business Updated: Feb 14, 2008 17:44 IST
Reliance Power, the Anil Ambani group's latest entry to bourses, today clocked a 5.3 per cent rise in its share price, snapping a three-day losing streak and outperforming the market benchmark Sensex in the process.
In a bullish market where the Sensex rose by 817 points or 4.82 per cent, shares of Reliance Power on Thursday closed for the first time in a positive territory. After hitting an intra-day peak of Rs 374.80, the stock settled 5.31 per cent up at Rs 370.05 at the BSE.
The stock had debuted on the bourses on Monday when it settled nearly 17 per cent below the issue price of Rs 450. The stock fell further by about five per cent on Tuesday and by about one per cent again on Thursday.
However, despite a recovery seen on the counter, today's closing price was still about Rs 80 below the price at which investors were alloted the shares in the country's biggest- ever IPO last month.
The company had scaled a lifetime peak of Rs 599.90 on February 11, while it hit a low of Rs 332.50 on Wednesday at the BSE.
Buying was seen across the Reliance pack of shares in today's trade. Among Anil Ambani group stocks, Reliance Communications rose 9.26 per cent, Reliance Energy gained 9.63 per cent, and Reliance Capital appreciated by 9.41 per cent, Reliance Natural Resources Ltd soared 12.91 per cent, while Adlabs Films saw its share price adding 8.58 per cent.
In elder brother Mukesh Ambani-led group, Reliance Industries rose 5.35 per cent, Reliance Petroleum gained 13.56 per cent, whereas Reliance Industrial Infrastructure Ltd slipped 1.30 per cent.