Indian Stock Market

Reliance Natural ( RNRL ) , Reliance Power merger news is hot now.

Reliance group firms have been constantly merging and demerging business.

Reliance Natural , Reliance communications were demerged from Reliance Industries. Reliance power was carved out of Reliance infrastructure. Now RNRL and Rel Power are merging this time.

Both the scrips were trading 4-5% higher. But suddenly at the end of the day , RNRL crashed 7% from peak.

There is no confirmation about any merger news stuff. This is just a market rumour.

A spokeswoman for Anil Dhirubhai Ambani Group declined to comment when contacted by Reuters

Anil Ambani group firm Reliance Power today posted a consolidated net profit of Rs 61.22 crore for the first quarter ended on June 30, 2008.

The consolidated total income stood at Rs 80.55 crore in the latest quarter, Reliance Power said in a filing to the Bombay Stock Exchange.

On a standalone basis, the company reported a profit after tax of Rs 59.70 crore and a total income of Rs 77.67 crore for the June quarter of this fiscal.

Previous year figures were not available as the company got listed on the bourses on May 11, 2007.

The company is currently developing an installed capacity of 28,200 Mw, the filing added.
The company’s net worth was at Rs 13,598 crore, while the earnings per shares was at Rs 0.26.

Reliance Power is currently developing two power projects — Rosa Phase I (600 Mw) and Sasan UMPP (3,960 Mw).

“First unit of Sasan UMPP is expected to be commissioned in December 2011 and the project is expected to be commissioned by March 2013,” it said.

The Reserve Bank of India had approved the company to raise $2 billion (about Rs 8,500 crore) each of External Commercial Borrowings for both Sasan and Krishnapatnam UMPPs, it added.

Shares of the company were trading at Rs 172.30, down 2.10 per cent in the late afternoon trade on the BSE.

The first lowest bid of Lanco Infratech was also found too high.

Even as the high-level energy task force (ETF) will decide the fate of the two thermal power projects in Allahabad district of Uttar Pradesh with a total capacity of 3,300 Megawatt (Mw), there is a possibility of the state government inviting fresh bids.

In the revised financial bids, Anil Ambani-controlled Reliance Power had emerged as the lowest tariff bidder last month vis-à-vis other power majors such as Lanco Infratech and National Thermal Power Corporation (NTPC).

Official sources said the government might go for re-bidding to bring down the quoted tariff, which is observed to be on the higher side. The ETF will meet on July 19 to take a final view.

Meanwhile, the evaluation committee today analysed financial and legal issues related to the bids.

The ETF is headed by the chief secretary and is the apex body to decide the fate of the project and give its recommendation to the state cabinet.

The proposed projects have already seen bid for twice. The first lowest bid of Lanco Infratech was also found too high.

Re-bidding is a time consuming and the government might ask the companies to revise their tariffs to save time.

In the revised financial bids, Reliance had pipped Lanco, National Thermal Power Corporation (NTPC), Jindal Steel and Power Limited (JSPL) and Calcutta Electric Supply Company (CESC) to emerge as the lowest bidder.

The two plants are at Bara and Karchchna, respectively. Reliance had quoted the lowest tariff of Rs 2.64 and Rs 2.60 per unit for the 1,980-Mw Bara and 1,320-Mw Karchchna, respectively, a paisa lower than what Lanco had quoted.

The location of the plants is not at the coal pit-head and the mineral would be ferried from Singrauli, which is about 600 km from the project site.

The Uttar Pradesh Power Corporation Ltd will acquire about 2,100 acres of barren tract in Bara and 990 acres in Karchchana for these projects.

The state government is trying to ramp up the total generation capacity in the state by 10,000 Mw in the current 11 th Five-Year Plan in collaboration with NTPC, Bharat Heavy Electrical Limited (BHEL) and the private sector.

The Reliance Anil Dhirubhai Ambani Group looks set to be awarded two major power projects with a combined capacity of 3,250 megawatt (MW) at Allahabad in Uttar Pradesh after it quoted the lowest per unit cost of electricity, officials said on Friday.

The group’s Reliance Energy had made the bid for the 1,950 MW Bara project and the 1,300 MW Karchna power project of the Uttar Pradesh Power Corporation Ltd (UPPCL), quoting Rs.2.64 and Rs.2.60 per unit for the Bara and Karchana power plants respectively.

Last year, Reliance Energy chairman Anil Ambani announced his company would invest up to Rs.600 billion between 2007 and 2011. The company has already bagged the prestigious 1,200 MW Rosa project in the state.

The Bara project will have three units and Karchna two, each unit with a capacity to generate 650 megawatts.

The state government had floated a global tender after it rejected last month an earlier contract awarded to Lanco Kundapalli. Lanco had quoted the lowest rates of Rs.2.88 per unit for Bara and Rs.2.83 for Karchna in the first bid that opened April 11.

“The rates offered by the company (Lanco) were on a higher side and then it was decided to invite fresh tenders from the same participating companies,” UPPCL deputy general manager Shailendra Dubey said. “The fresh bid still needs a final approval from the state cabinet,” he added.

The other giants that participated in this bid included NTPC, L&T, Tata Power, Lanco Kundapalli, and JLW. UPPCL has allocated Rs.500 million for acquiring the 3,000 acres of land for the two projects. Reliance Energy bids lowest for UP power projects

LUCKNOW/NEW DELHI: The Reliance Anil Dhirubhai Ambani Group looks set to be awarded two major power projects with a combined capacity of 3,250 megawatt (MW) at Allahabad in Uttar Pradesh after it quoted the lowest per unit cost of electricity, officials said on Friday.

The group’s Reliance Energy had made the bid for the 1,950 MW Bara project and the 1,300 MW Karchna power project of the Uttar Pradesh Power Corporation Ltd (UPPCL), quoting Rs.2.64 and Rs.2.60 per unit for the Bara and Karchana power plants respectively.

Last year, Reliance Energy chairman Anil Ambani announced his company would invest up to Rs.600 billion between 2007 and 2011. The company has already bagged the prestigious 1,200 MW Rosa project in the state.

The Bara project will have three units and Karchna two, each unit with a capacity to generate 650 megawatts.

The state government had floated a global tender after it rejected last month an earlier contract awarded to Lanco Kundapalli. Lanco had quoted the lowest rates of Rs.2.88 per unit for Bara and Rs.2.83 for Karchna in the first bid that opened April 11.

“The rates offered by the company (Lanco) were on a higher side and then it was decided to invite fresh tenders from the same participating companies,” UPPCL deputy general manager Shailendra Dubey said. “The fresh bid still needs a final approval from the state cabinet,” he added.

The other giants that participated in this bid included NTPC, L&T, Tata Power, Lanco Kundapalli, and JLW. UPPCL has allocated Rs.500 million for acquiring the 3,000 acres of land for the two projects.