Reliance Power stock jumped 34 percent in 6 sessions!!!
Anil Ambani's power company reliance Power's stock has been rocketing since the day the company announced that it had become a debt free company. And now the company's subsidiary Roza Power has also paid off Singapore-based Varde Partners' Rs 850 crore loan and Roza Power is also on its way to becoming a debt-free company. After this news, it is believed that reliance Power's stock may rise even more in the coming days.
Upper circuit in stock since september 18
reliance Power informed on september 17, 2024 that the company has paid off the outstanding loan of Rs 3872.04 crore as guarantor of Vidarbha industries Power Limited. On Monday, september 23, the board of reliance Power approved the preferential issue in which Rs 600 crore will come from the promoter company reliance Infrastructure. Due to these reports, the stock of reliance Power has been continuously hitting an upper circuit since september 18, 2024.
Stock rose 34 percent in 6 days
From the level of Rs 31.40 on september 17, 2024, the stock has reached Rs 42.05 on september 25, 2024. That is, the stock has gained 34 percent in these sessions. This is the highest level of reliance Power stock after april 2018. reliance Power stock has gained 80 percent in 2024, 122 percent in one year, 150 percent in 2 years, 220 percent in 3 years and the stock has gained 1430 percent in five years.
reliance Power is looking for new opportunities
Now reliance Power's Rosa Power is also on the verge of becoming a zero-debt company. The company is aiming to repay the remaining debt in the next quarter. Rosa Power operates a 1200 MW coal-based power plant in Shahjahanpur, Uttar Pradesh. reliance Power is now looking for new business opportunities in the renewable energy sector. Along with reliance Power, the debt burden on reliance Infrastructure has also come down from Rs 3831 crore to Rs 475 crore.
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