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Shares of Anil Dhirubhai Ambani Group (ADAG) company, Reliance Infrastructure were locked in the 10 per cent upper circuit at Rs 68.20 on the BSE on Thursday on the back of heavy volumes. The stock of the electric utility company was trading at its highest level since June 2019. It was trading higher for the fifth straight day. Till 01:18 pm, a combined 14.2 million equity shares had changed hands and there were pending buy orders for 1.55 million shares on the NSE and BSE. It had hit an all-time low of Rs 8.65 in March 2020 and a record high of Rs 2,632 in January 2008.
In the past one month, the stock has gained 103 per cent from the level of Rs 33.55, as compared to 4.5 per cent rise in the S&P BSE Sensex.
The country’s largest mortgage lender Housing Development Finance Corporation (HDFC) has continued to offload shares of RInfra through stock exchanges in the secondary market, which were held by it through the invocation of pledged shares. On Tuesday, May 26, the corporation further sold 3.19 million shares of RInfra worth Rs 18.77 crore.
The corporation had sold 8.11 million shares, representing 3.08 per cent of the share capital of RInfra, between May 18- 24, 2021 (including these dates), HDFC said in a regulatory filing on Tuesday. “The sale was carried out through stock exchanges at the prevailing market price. The aggregate consideration received for the sale of 8.11 shares is Rs 43.91 crore,” HDFC said.
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Housing Development Finance Corporation (HDFC)-View Detailed Analysis
