Financial Daily from THE HINDU group of publications
Friday, Nov 28, 2003
Financial Daily from THE HINDU group of publications Friday, Nov 28, 2003 |
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Markets
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Stock Markets Reliance Capital at new high on talk of banking entry Our Bureau
Kolkata , Nov. 27 CALL it power of unconfirmed news or market expectations, the Reliance Capital stock is being driven by it, at least to a certain extent, for some trading sessions on the major bourses. The buzz is that Reliance Capital is attempting to enter the banking arena through the takeover route. The stock today closed at its 52-week high at Rs 105.65, up 6.7 per cent with over one crore shares changing hands on the NSE and BSE. The last two months' average daily volume in the counter stands around 13 lakh shares and average price is Rs 83.28 on the BSE. Of the day's traded quantity, 25.10 per cent was presented for delivery. However, a section of market players feels that the upward revision of the value of its investments in Reliance Industries and Reliance Energy (formerly BSES) has more to do with the current price rise of the Reliance Capital stock. According to Mr Ketan Thacker of Anagram Stockbroking, as on September 30, Reliance Capital held 1.64 crore shares in Reliance Industries and 1.20 crore shares in Reliance Energy. "The valuation of these two holdings alone stands at Rs 1,314 core now. This translates into Rs 103 investment value per share of Reliance Capital ", he observed. At today's closing price, the stock traded at 12.9 times its trailing four-quarter earnings. Reliance Cap is sponsor of Reliance Capital Mutual Fund and it is into leasing and investment business. Reliance Growth Fund, over one year period ended October 31, 2003 has posted a 118.40 per cent returns, outperforming the category average of 85.70 per cent. The scheme also outperformed the Sensex during that period.
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