The shares of Anil Ambani led Reliance Power on Wednesday (October 9) bounced back to green with its shares climbing by 5 per cent in the early trading session.
The company's shares opened at Rs 45.55 apiece today, reached an intraday high of Rs 48.27, and fell to a low of Rs 45.10 during the trading session.
At 12:49 pm IST, the shares of the company were trading at Rs 48.27 apiece, up by 4.98 per cent.
Share performance |
This surge comes as a breath of fresh air for investors, following a three-day downward trend in the stock’s performance.
The company's stock had been on a rough patch in recent sessions, but this positive momentum hints at a potential trend reversal.
The stock is trading higher than its 20-day, 50-day, 100-day, and 200-day moving averages. However, it remains below its 5-day moving average.
Performance Compared to Broader Market
The recent stock performance of the company stands in stark contrast to the broader market. The shares of the company today posted a 5 per cent gain in its stock price, while the benchmark Sensex recorded a modest 0.18 per cent surge.
Anil Ambani |
If seen over the past month, the difference becomes even more striking. The company's stock has skyrocketed by 62.66 per cent, compared to a mere 0.27 per cent surge in the Sensex.
Latest Developments
The company also secured a major contract from the Solar Energy Corporation of India (SECI) for a 500 MW/1000 MWh battery storage project.
In addition, on September 10, the company announced that it had been released from all obligations related to the outstanding debt of its subsidiary, Vidarbha Industries Power Limited (VIPL), which amounted to Rs 3,872.04 crore.
