Reliance Infra Shares: The stormy rise in the shares of Anil Ambani’s company Reliance Infrastructure continues. On Friday, the last trading day of the week, the stock rose by about 15 percent to Rs 327.85. This is the 52-week high of the stock. The stock closed at Rs 316.45, which shows a rise of 11.13% compared to the previous day. With this, the stock has increased by more than 50% in a week. However, experts are bullish about the stock.
What do experts say
According to a Business Today report, Anand Rathi analyst Jigar S Patel believes that the stock has support at Rs 265 and resistance at Rs 308. After this, the stock can reach Rs 320. Patel said that in the short term, the stock is expected to trade between Rs 255 and Rs 320.
Stockbox technical analyst Kushal Gandhi said that Reliance Infrastructure stock has gained nearly 65% in the last 13 trading sessions. Along with this, there has been an increase in high trading volume and speed. We advise committed investors to maintain their investment position. We recommend buying the stock with a target price of Rs 350 and a stop loss of Rs 277. AR Ramachandran, an independent analyst registered with SEBI, said that the share price of Reliance Infrastructure is bullish. Investors are advised to keep booking profits.
Reliance is going to get investment
Meanwhile, Reliance Infrastructure Limited is going to get an investment of Rs 1,100 crore from promoters and Rs 1,910 crore from two Mumbai-based investment companies. The company gave this information. The board of directors of the company approved a plan to raise funds of Rs 6,000 crore. Out of this, Rs 3,014 crore will be raised by preferential allotment of shares and Rs 3,000 crore by issuing shares to institutional buyers. In the first phase, the company is launching a preferential placement of Rs 3,014 crore, under which 12.56 crore shares or convertible warrants will be issued at an issue price of Rs 240 per share.
Out of this, Rs 1,104 crore will be invested through Reliance Infrastructure’s promoter company Riji Infinity Private Limited. Two other investors participating in this preferential placement are Mumbai-based Fortune Financial & Equities Services and Florintree Innovation LLP.
