The stock of Anil Ambani group's infrastructure company Reliance Infrastructure gained nearly 6% as the firm moved Delhi High Court to execute arbitration award win against Delhi Airport Metro Express.
The stock of Anil Ambani group’s infrastructure company Reliance Infrastructure gained nearly 7% as the firm moved Delhi High Court to execute arbitration award win against Delhi Airport Metro Express. “Reliance Infrastructure Limited subsidiary Delhi Airport Metro Express Pvt Ltd (DAMEPL) has moved the Delhi High Court seeking execution of the Arbitration award it had won against Delhi Metro Rail Corporation (DMRC). The arbitral award was recently upheld by a single judge bench of the Delhi High Court,” Reliance Infrastructure said in an exchange filing. Following the announcement, shares of Reliance Infrastructure jumped as much as 7.67% to a day’s peak of Rs 456.8 before closing up 6.79% at Rs 453.05 on NSE while the stock surged 7.71% to a day’s high of Rs 457 before settling up 6.85% at Rs 453.35 on BSE on Tuesday.
“In its petition filed under section 36 of the Arbitration and Conciliation Act in the division bench headed by Chief Justice of Delhi HC, DAMEPL has sought an order for the execution of the award dated May 11, 2017, passed by the Arbitral Tribunal and direct DMRC to pay a ~ Rs. 5,200 crore. This includes principal amount of Rs 2,945.54 crore along with interest as on date,” Reliance Infrastructure said further. A decent trading volume was observed in the shares of Reliance Infrastructure as more than 64 lakh shares exchanged hands on both NSE and BSE with about 57 lakh on NSE alone, at the end of trading, according to the data available with stock exchanges.
Shares of ADAG’s Reliance Infrastructure opened marginally down at Rs 422.1 but surged to a day’s high of Rs 457 before hitting the day’s low of Rs 421.3 on NSE on Tuesday. Reliance Infrastructure’s net profit nearly halved for the quarter ended 31 December 2017, according to the financial results submitted by the company. Earlier in January this year, Reliance Infrastructure posted a decline 46% in its quarterly net profit to Rs 319.85 crore as compared to Rs 595.03 crore in the same period a year ago.