look news india
Shares of Anil Ambani’s power company Reliance Power have hit upper circuit for the second consecutive session. In Thursday’s session, Reliance Power shares rose 5 percent to Rs. Reached 43.14, after which the stock went into circuit. Reliance Power shares have risen by more than 15 percent in the last three sessions.
Why the bumper rise in shares?
Importantly, the Solar Energy Corporation of India (SECI) has banned Reliance Power from participating in tenders for solar projects. But now they have withdrawn this ban. After this decision of Solar Energy Corporation, Reliance will be able to easily participate in the electricity tender, hence there is a rise in its shares. Upper circuit is being held since two days.
Syndicate averted, stock rises 30 percent
At present, there has been a rise in the shares of Reliance Power, but this rise has reached a record high. It is trending below 53.64. Anil Ambani’s shares saw a big fall due to the ban imposed on Solar Energy Corporation of India. On November 19, Reliance Power shares were priced at Rs. Was trading at 33.3. That is to say, the stock was down 38 percent from its 52-week high, but the stock is up 30 percent since November 19.
Reliance Power gave multibagger return
There has been a huge jump in the shares of Reliance Power in the year 2024. The main reason for this is that this company of Anil Ambani has become a completely debt free company. Also, Reliance Power is exploring new business opportunities in the renewable energy sector. Reliance Power shares have increased by 85 percent in 2024. Whereas this share has given returns of 168 percent in 2 years, 242 percent in 3 years and 1115 percent in 5 years i.e. 11 times.