Reliance Energy [down 10.5%] virtually a shell [empty] company after promoter Mr. Anil Ambani looted the projects to his private venture Reliance Power Ltd. We raised our voice against Reliance Energy transferring business and assets to Reliance Power where Mr. Anil Ambani gained a back door entry at Rs 17 / share in Reliance Power Ltd and you public bought it at Rs 430.
Anil Ambani more of a speculator and a Trader [currently] without any project execution track record announced yet another speculative move – Buy Back of Reliance Energy shares. Reliance Energy is starving for CASH for CAPEX and why is Ambani going for a Buy Back ? Reasons is obvious – Boost the stock price. [God Damm Ambani must know that no where in the world Utlility companies trade at a forward P/E more than 15 while his REL is traded close to 30 and RPL more than 200 on FY2010 earnings estimate]