Stocks

Reliance Infra climbs 4.6% as unit wins arbitration case against DMRC

Reuters | Updated on January 11, 2018 Published on May 12, 2017

In March 2015, Anil Ambani-led Reliance Infrastructure had announced the acquisition of a controlling stake in Pipavav Defence and Offshore Engineering for up to Rs 2,082.3 crore.

Shares of Reliance Infra rose as the company has won an arbitration case.

The stock rose as much as 4.6 per cent in early trade.

The company's subsidiary Delhi Airport Metro Express won an arbitration case against Delhi Metro Rail Corp on Thursday, fetching the company a compensation of Rs 2,950 crore ($458.8 million).

The arbitration was awarded after the panel ruled Delhi Airport Metro Express had valid reasons for pulling out of a joint project connecting the Delhi airport with a railway station.

The stock hit its highest since September 23 and posted its biggest intraday percentage gain since April 18.

Published on May 12, 2017
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