Business Daily from THE HINDU group of publications
Tuesday, Feb 26, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Feb 26, 2008 ePaper | Mobile/PDA Version |
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Corporate
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Bonus Announcements Markets - Stocks
Our Bureau Mumbai, Feb 25 Riding on the 3:5 bonus share announcement, Reliance Power on Monday for the first time crossed and settled above the issue price of Rs 450 per share on both the NSE and BSE. The stock saw record trading volumes as well on both the counters. The stock opened at Rs 435 on the NSE, 4 per cent higher from Friday’s close of Rs 417.15. On the BSE, the opening was at Rs 425, a trifle moderate in comparison. “The rise of the scrip today was a knee-jerk reaction to the bonus issue announcement,” said an official with a leading brokerage. The Anil Dhirubhai Ambani Group Company, which was spun off from the parent company Reliance Energy, had created history by way of record subscriptions for its IPO last month. However, it dipped sharply below the issue price of Rs. 450 only minutes after its debut on the bourses on February 11. On Monday, the stock gained by more than 8 per cent, touching a high of Rs 456 intra-day, to finally end the day at Rs 450.40. On the NSE, it touched a high of Rs 455 to close at Rs 450.70. The recently listed scrip had plunged to an all-time low of Rs. 332.50 a few days after listing. It rose a week ago, when its bonus plans were unveiled on February 17. The stock gained around 10 per cent on February 18, to close at Rs. 418.91 on BSE. The company, on Sunday, announced the share ratio for the issue at 3:5. However, Reliance Power has been the most active security on the bourses since its listing on February 11, and today was no different. Shares worth Rs 1,483.61 crore were traded on the NSE, while on the BSE the turnover was Rs 782.24 crore. More Stories on : Bonus Announcements | Stocks | Power
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