It’s a good news for the stock market traders and investors that a very much awaited Reliance Power has been listed today in Indian bourses including all the three Bombay Stock Exchange, National Stock Exchange and National Stock Exchange Future & Option at 09:50 am on Monday.
Anil Ambani hit the gong at 09:50 am in Bombay Stock Exchange to inaugurate the listings. Reliance Power is the arm of Reliance Natural Resource Energy, owned by Anil Dhirubhai Ambani. Reliance Power stock was listed at Rs. 525 with the premium of 16% but within 10 minutes of listing it slipped up to 10% due to huge market pressure and at present is trading below the issue price of Rs. 450 per share.
In the amidst media presence, Anil Dhirubhai Ambani Group owner Anil Ambani said to media that this stock is most suitable for the long term investment as the revenue of this stock would completely begins from 2012, when all the 11 planned plats will begin to function fully.
“The returning of the balance for power IPO has been begun and within few days all the balance would be returns to the investors”, he informed.
Earlier, ADAG has informed the media that those who have not got any of share would get their money soon and those who have applied for more than 225 shares would get only 15 shares per applicant and the rest of balance money would be returned soon.
The process of returning money has been already running since Feb 02.
Before this, Reliance has issued India’s largest ever IPO in January and raise over Rs. 11,000 from this gigantic IPO. It was oversubscribed 73 times by receiving 4.7 million application and shaved off as much as Rs. 1,00,000 crore from the stock market. At present its market value is approximately same.
The experts believes that Reliance Power may decide the direction of the stock market if it trades in positive, the panic stock market will be get strong support and if it dips, the volatility of the market will be enhanced.
The company is planning to develop 12 power projects across the country with a combined planned installed capacity of 28,000 MW.
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