Reliance Infra to set up funds and trusts; stocks may react

The Board meeting of Reliance Infrastructure which was held on September 19 has some positive outcomes. The company post market hours on September 19, has informed bourses that it will amend its object clause pertaining to its memorandum of association and include the following trusts and funds subject to shareholders' approval.

The board of the company has agreed for setting up trust and funds, including venture capital, Infrastructure Investment Trusts, Real Estate Investment Trust. The company has also approved new activities relating to its defence business. The company will conduct a postal ballot to seek approval from its shareholders on the board approvals.

On the other hand, shares of the company as at 9.15 am have opened at Rs 598.40, up by 0.62 per cent.  Shares of the company in the last 3 months have given a return of 9 per cent. In the last 1 year, shares of the company have surged by more than 76 per cent.

On September 13, company had briefed the bourses about its financial numbers. Company has reported a 7 per cent increase in its consolidated net profits. The company's consolidated net profit for Q1 has risen to Rs 439 crore from Rs 409 crore in the corresponding quarter of the last fiscal.